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Someone else with actual facts may want to chime in if i'm wrong, but it sounds like the cap on your coolant reservoir is leaking. If it is, it will let air out of the cooling system when the engine heats up and pressure builds. Then when cooling the air in the system will contract, colapsing the hoses.
The cap should only vent if pressure in the cooling system goes beyond 15 psi or so (not sure exactly what the pressure is on the Z).
Your cap could need replacement, or just a good hand tightening. I'd try removing the cap from the reservoir with the engine cold and see if the hoses return to their original shape. If they do, tighten the cap on real good and check on the hoses again after the next long drive you have once the car has cooled right off again.
If the hoses are colapsed and they once again return to their proper shape when you pull the cap off the reservoir, you have a leak in the system somewhere that's letting air out and not back in. The most likely suspect would be the reservoir cap. Good luck!
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'02 EB/ MR Z
Halltech Stngr, LGM Pro LTs, Stock Tune, 4 18" R2's on OEM Rears
11.86 @ 118, 1.82 60' (F1's), best 60' 1.80 (R2's)
80% Track, 20% Driver, 100% Z 
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