Steed,
I ran against a guy (who is a really good driver) in two '00 GTs last thursday and we got similar results. Remember this though, LS1s come stock with about 280-290 rwhp...the new ones '01 and '02 have the LS6 intake and cam so (according to some dyno's out the showroom floor) that I've been seeing are 300rwhp. The GTs are doing 260 at the crank.
When I ran this guy it was only cause he asked to run me. He told me he had exhaust and filter and that was it. I would never ask him to run knowing the differences but since he asked I ran.
What you have to remember is this:
LS1s pull HARD in 3rd gear but the M6s are HARD as hell to lauch (trust me on this one...it took some practice to get me my 2.0 60' time) so do anything that you can to get at least 1-2 cars within the first two gears. After that just make sure that when he pulls, you hit the trap before he passes you. Even if he is walking you and passes you after, who cares...you won the 1/4 mile race.
This happened to me with a C5 Vette I ran...I pulled about 2.5 cars on him until middle of 3rd gear (Vettes have IRS so they don't launch good...hehe..) then he pulled on me good (I could see him coming) but he didn't pass me till about 110mph which is passed my 1/4 trap so (ahem) I won
Just remember get a GOOOOD jump...for some reason GTs have good as hell launch (this guy took almost a full car on me on the launch).
Good Luck
Mike
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1999 Z28 M6 Arctic White, MTI-Clear Lid w/K&N, B&B Triflo, BMR STB, Pro 5.0 Power Tower, 160 Powerstat, HPP3, TB Coolant bypass, Ported MAF, Taylor 409 wires(10.4 mm), NGK TR-55s, Redline Synthetic Lubricants, K&N oil filter,
BEST E.T. 13.27 @ 106.39 (street tires)