Right. Ferrari Club of America requires a fire suit if you are driving a race car. So I have a six point harness, safety cage, fire suppression system and fuel cell - and my car’s less safe than the street version?

 

Ferrari Club is a trendsetter. They have required full suits and gear in red group (race car group) for three decades...

 

Back to the Corvettes...
The LS7 valve guide issue is well documented and easily (but perhaps not permanently...) handled.
An early C6Z on slicks, or well driven on R comps might encounter lubrication issues with the stock dry sump, but band-aids are available.
The worst issue might be the failure of the coating on the titanium rods that's starting to appear. It's still not common, but probably the most expensive item of repair.
Otherwise, failures are rare.
Stock calipers leave a little to be desired, but with decent pads they're workable, until you get pretty fast.
C6 and C5 clutches are both a giant PITA.... about as sucky as a 944, but with less expensive components.

C5s have a better oil pan than a base C6. Extra baffling is available, but I'll guess that most have been run hard forever with the stock setup.
They can be had for a song, and are quite capable on the track.

 

It's track dependent, but I think it's a lot of fun driving a low horsepower car at or near the limit. If I were to buy a newer car for the track today, I would get a GR86/BRZ, those cars can punch above it's weight class.

 

During the learning curve, absolutely true. Once you make it to advanced run groups that fun dissipates a lot since there aren’t as many cars to play with and you are doing a lot of point byes, sometimes to cars not being driven as well as you drive your lower hp car.

That was my experience anyhow, starting with a track modified early Boxster S. And I am a big believer in starting with the lower hp car as you suggest. I feel it’s easier to improve as a driver that way.

 

While I agree the GR86/BRZ is a fantastic platform, it does have one significant flaw. The issue with RTV clogging the oil pickup is a very real concern and well publicized. My son as a GR86, I have driven it, and can confirm it is fantastic. However, his motor grenaded at only 8k miles on the highway. It was never tracked, we have race cars for that. Since the OP already has oil starvation trauma, this vehicle might not be the best choice.