On OEM tires, sea level, experienced drivers, poorly prepped dragstrip (street conditions) expect an LS1 Corvette to run about 13.3@108 Launch is everything, and 4x4 has a huge advantage on the street. A good running BPU Dmax has the edge as long as you cut the race off at 1/4mi. The C5 has a top speed of more than 170mph, so the longer the race goes, the lower your chances are.
However, I've seen inexperienced C5 guys stuck in the high 13's which is not uncommon. Fear the Z06 version though. Even with a crap launch, they are going to run mid to low 12's in poor traction. A hotshoe will put them into the high 11's stock. You can identify them by year (2001-4) and the strange body style. LS1 C5's have 310rwhp as delivered, Z06's have about 360rwhp, but are also lighter and have better gearing.
Concerning timing? Very few people actually tune their trucks on the dyno or at the dragstrip. If you want to know the real story behind timing, that is how you are going to find out. Since there are mfr variations in cam and reluctor wheel indexing, and different altitudes, your best results are going to after adjusting YOUR truck. Adjust it up and down at the track and see what happens to the EGT's, MPH, and ET.