I had the bushings cut on my 2000 Coupe. This was only because the lowering bolt kit that I ordered did not come w/ new ones.
I did not have any problems, but I did not slam the car either. I just lowered it enough to get rid of most of the gap in the wheel wells.
I have not lowered the Z yet. But this time I will be getting a kit w/ the new bushing included.
Just to make me feel better, and in case I ever want to raise it back to stock for any reason, I will still have the old bushings.
This time I will also be doing the work myself as well.
If you want the C5 Registry has detailed instructions on lowering the C5.
2001 Black / Mod Red
Breathless Vortex Intake
West Coast PowerDuct
Corsa Indy's w/ Pro Tips
Corsa Cross-Over Pipe (Ordered)
Momo Combat Shifter Knob (Red)
Z06 Exhaust Plate
Lloyds Z06 Mats
OEM Chrome Wheels (Coming Soon!)