Welcome to the forum!
The Z06 is very easy to modify to whatever power levels you want. You're really only limited by your wallet and traction. There's a vast array of aftermarket parts available and some excellent tuner shops that specialize only in the Corvette.
IMO, your best bet for 450 rwhp while staying naturally aspirated would be a good heads & cam package, headers, intake, and tuning. The new AFR heads are making some tremendous power.
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I'm on stock twins right now and have run a 12.4@116mph on street tires! I'm around 400+ whp and I'm wanting something that will do 120+ trap easily like I stated before!
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Keep in mind that a bone stock Z06 on street tires with an average driver will turn the exact same time and trap that you are getting now with your Supra. Great drivers have gotten them into the high 11's bone stock, but with obviously the same trap speed.
Also remember that the Z06 weighs considerably less than the Supra (a good 400-500 lbs. less), which means each horsepower you add will have a more dramatic effect on acceleration, and it takes far less rwhp in a Z06 to achieve the same quarte mile and trap speeds as a Supra. For example, as I mentioned I'm at only 380rwhp, and my car is already capable of 120 trap speeds. With 450rwhp, you should be at LEAST in the mid 120's.
However, I can't say that its exactly cheap to modify Z06s. Its certainly less expensive to crank up the boost on a Supra Turbo for the power gains. For reference, it cost me just under $3k for my mods which include headers, intake, exhaust, and dyno tuning. That's a lot of money for only 30 rwhp. But, it got my car in to the high 11's with 120 traps, so when you look at it that way, its not that expensive I guess. Certainly much cheaper than modifying Porsches or any other German car, that's for sure.
Good luck with your decision. You won't be disappointed with the Z06. We have many ex-Supra owners here on this board who now have Z06's, so they can provide a real comparison.