There's a big group of blown Miatas in SM2 here. They have as much or more power as an LT1 (though the curve isn't flat) but weigh about 3/4 TON less!
The fastest time of the day is usually set by an SM2 Miata, which even beats the open wheel CM cars. The driver is actually fairly new, though he has a natural gift for driving.
I just wish they would scale everything up by 10% or so. Miatas are a lot more cramped than my MGB.
However, let me see if I understand correctly. You are still in school and have been offered a clean, low mileage sports car free and clear, and you're not sure whether you should take it or drop your entire annual income on a Vette. No, I don't know how much you really make - could be half or double for all I know. I also don't know how much you owe on your present car or how much you expect to get for it.
Depending on how much hauling you do (back and forth to school) the f-body may still be better than the Vette or Miata. But ignoring that, my advice would be:
1) Keep your finances as solid as possible right now. Don't borrow anything you don't have to, and don't spend anything you don't have to. You do probably need a car, and there's nothing wrong with having some fun, but a free car in good shape is a heck of a deal for you right now. A free car that's also fun is an even better deal. By the way, you may find that your female friends love going for rides in the cute little convertible on a pretty spring day

2) Definitely buy the Vette after you graduate and get a real job, but before you get married. Don't ever sell it.

Heck, keep the Miata too!