A C5 Vette is a tiny bit faster than a stock E46 M3. An C5 Auto Convertible is a little bit slower. I raced a few in my 06 M3. A JB3 will walk him! Don't let him get a jump on you. As you can see in the many You Tube videos, once someone gets a jump, it is very hard to reel them in.
Check out this video:
Even though the M5 and 996TT are faster top end, look at the second run when they get a bad start. They don't even catch the M3 at 130 mph or so.