Jeremy,
My best friend has BFG 315's Drag Radials on the back of his Z06. They have held up very well. He has made probably 30 passes on them plus a lot of street time and they show little wear. And as far as traction he has been able to cut 1.74's on a pretty soft launch
True the sidewalls do not have any give, but they hook pretty well. Enough for him to run an 11.96 bone stock!
Matthew