Always hating on the z!
+1 I've had no issues on track against m3's and passed plenty as they're very heavy also. A bit of work puts the zed way ahead of competitors as its a very well balanced car to drive. A standard zed is very disappointing and soggy and just boring.
Spend 3-4k on engine mods and suspension and you will break the 300bhp barrier and have a good all rounder.
I've went crazy dropping lots of weight out of mines but it's now costing mega bucks. I'm hoping to drop over 100kg and I will be running 400hp with nos so it should be good fun to drive and much quicker and better handling as the Center of gravity will be lower and top end body weight will be reduced massively.
In terms of making 360bhp you'll be around the 10k mark probably including suspension and a charger
The m3 has between 40 and 60 more bhp though.
In real life it doesn't make a difference. On track the last time I was there, an m3 was on and I passed him on the straight, also a fezza 355, vids are on YouTube. Alot of it is to do with the driver also so remember that. In a drag race with my bro's 911 c4s I was evenly matched to about 135 and then it pushed on ever so slightly.
I know i can push harder than a standard m3 through corners, my speed is faster out the corner. I didn't spend so much money on suspension for no reason.
As said a standard zed is pretty soggy and boring. On track I was evenly matched with a 370z although the extra torque it had was noticeable coming out a corner, on the straights I caught back up easily.