The Z06 has a tough drivetrain overall. The engine is extremely durable and hitting the rev limiter occasionally won't harm it. The weakest link in the drive train is probably the clutch and transmission, however at stock power levels they can take quite a beating before failing. Its when you modify the engine to significantly more power that you need to be concerned about the clutch and tranny failing.
So, bottom line is go out and enjoy your car to the fullest and don't worry about 'hurting' it from driving it hard. It was built to be driven very hard on a road course, so it can take the punishment.
BTW I've bumped into the rev limiter several times and done many full throttle runs going sideways through second, etc., autocrossed it 4 times (spinning it probably 3 times), and none of this has even phased the car at all. 
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'02 Z06 , Electron Blue, Vortex intake, Magnaflow X-pipe, Corsa Indy, Stainless Works LT headers, LS1 Edit, TB bypass, Hurst, MGW Gripper, Born 2/20/02 380 rwhp / 363 rwtq
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