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Stock Ls1's produced 320-350bhp SAE Net. This is good enough for low 13's in most cases with a manual. Auto's tend to be a tad slower stock.
Are you manual or auto?
None of the mods you've listed are worth any power really except the SLP lid.
You should be able to easily beat an RX-7 but if they have that kind of money to throw about ($5000) and are driving an RX-7 and not a C6 z06 expect them to have done a lot more to the car.
Either that or they are really stupid.
If you can't afford to lose $500 don't race.
I'd be tempted to do some mods though.
-If it's from a dig then sticky tires.
-4.10 gears (manual) 3.73 (auto)
-stall if auto
-Lt's and exhaust
-port your TB (see sig)
-LS6 intake
-150 shot of nitrous!
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Take the 500 bucks and start modding. 






