You're forgetting a VERY important factor in this math:
GEARING!
Just because you make the power/tq at the flywheel doesn't mean that you're getting all that to the ground.
The Camaro's final gear is a 3.45 (that's bigger than the non-SS trims which are 3.27). That being said, the Z has 3.64 (I believe) and that's going to increase the amount of torque to the ground for the Z over the Camaro.
Also, the 1st, 2nd and 3rd gears are on the 6-speed used in the Camaro SS are 3.01, 2.07, and 1.43 (respectively). The ratios will have a lot to do with first gear launching... Keep in mind that the Camaro - weighing in at 3900LBs - will need a very big first gear (like 4.0) to get off the line that fast.
Also, in the twisties, torque is actually a bad thing. They can talk about how the Camaro uses the G8 chassis, but we're still talking about a near 2 ton car with small tires that are likely garbage (since all GM OEM tires lately are garbage) and suspension that will be design for the 1/4 mile. I used to be a GM fanboy and I used to own F-bodies. But I know numbers well too. Fact is that (besides the build quality and crappy interior on the Camaro), the Z will be superior even if the Camaro DOES beat it in the 1/4. If the numbers are that close for the 1/4, than the Camaro doesn't stand a chance against the Z at the GT tracks.
In addition, it will DEFINITELY be a driver's race. I've raced for MANY years and can tell you that it usually comes down to the driver when the numbers are this close.
But for arguments sake, lets run the numbers: (EDITED: GOT THE Z's NUMBERS)
Camaro SS:
408tq * 3.45 * 3.01 = 4236.876 (First gear) <--- Notice the Tq number is corrected here, it is not 424, it's 408.
370z: 270 * 3.794 * 3.692 = 3782.01096 (First gear)
NOW do the math on tq/lbs:
Camaro: 1.09lbstq/1Lbs weight
370z: 1.18lbstq/1Lbs weight
The Z CLEARLY has more torque per pound. But the numbers are still very close and the Camaro has the benefit of a live axle vs. IRS. That being said, it is DEFINITELY a drivers race and will certainly come down to the wire with both cars.
I got my information from:
Nissan 370Z Official Specs Released from Nissan 11.15.08
AND
http://krang.superchevy.com/features...ifications.pdf <--- Assuming that these are correct.