Joined the flying roof club in a ‘95 C4 I owned. The dang thing couldn’t have just come out and hit the side of the road.....nooooo, it had to slide down the middle of the road and into oncoming traffic. Suffice it to say it was a total loss!!!First, join and peruse https://forums.corvetteforum.com
The C5 is a good value, especially the Z06. The LS series of engines are all but bullet proof, but just like any 20 year old car, gremlins can pop up.
A friend of mine tracks his and he's had to do extensive work on the transaxle. It seems to be the weak link when the car is pushed to the limits. If you're going to use it as a cruiser or even a daily, I doubt you'll see any issues.
If you take a look at one, operate ALL electronics and make sure they work. Radio, climate control, seat controls, every single button. If you look at a coupe, inspect the removable top and ask the owner if he experienced de-lamination or even the flying roof club.