I take the Z06 whether it's for the street or the strip, or the track, or the garage, or whatever. It's a better car, hands down. The only thing the Cobra R has that the Z06 doesn't is a higher price tag, worse looks (although great), a stripped interior, and the exclusivity factor. The Z06 kills the R in performance, so why shouldn't it be a better track car? Besides, if you really are going to race it, get the Z06 and use the $ you save to tweak the suspension and add a few ponies.
Corvette for me, easy choice.