Welcome,
I'll try to help as best I can. There's not much concern for failures or recalls at this point. A very small number of Z's have oil consumption issues. Also, there are issues with oil temps. If you spend much time on the track or are in a hot environment look into an oil cooler. They are only about $600 on the high end.
Where tuning is concerned you have a lot of options with varying results. You can stick to an NA build for minimal cost without adding any reliability issues. Typical mods are Cold air intake, high flow cats, test pipes or long tube headers, and a cat back exhaust. Generally speaking the first of those mods will net you ~15hp and additional mods will net an additional 6hp each. An uprev tune will help you get the most out of it but all told you're probably looking at a gain of 30hp to the wheels.
The second option is go FI where you have several options. On paper I like the offerings from GTM which includes both stage 1 and 2 Twin Turbos or Supercharger. These require a few supporting mods and can be really expensive. They can also put you in the 500hp / 400tq range. Reliability with these has yet to be determined. There just isn't enough information from long term use.
There are also many exterior, suspension, brake, and wheel options to look into.
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Thanks for the sig EazyD.
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