16x8's will NOT fit. I tried to bolt some stock '98 Camaro rims on my '02 Z06 and it bolts up fine, but contacts the two "knuckles" on the rear upper A-arm. Not much material to grind off. I was thinking of grinding it off so I could run some 26x11-16 ET Streets, but since I blew up something in the rear of my Z06 tonight on stock street tires I don't think I need slicks :/
I just got a set of CCW Wheels 16X10 M/T ET Streets 26/11.50/16
Very soft tire and the wheels look great. You do have to grind about a 1/16 off the top of the cap that covers the upper ball joint. This is to clear the wheel.
I think you can also get some ZR1 wheels with 50mm offset, I think they are 17's and then go with a set of Nitto's which will give you some good traction as well.
None are cheap though. So far my best 60' time is 1.75 going from 2.1 and 2.2's Makes a big difference.