Do I think its possilbe, yes. Do I think its easy, HEll no.
My reason being first you need to acquire these Magnetic shocks and the hardware. Then you need to do lots of computer things.
My first question, The 1010 ZR1 uses some torque vectoring technology. Does the Z07 package have this? I only ask because the 2009 ZR1 does not. Second keep in mind the ZR1 uses non sympetrical half shafts to dampen certain vibrations.
Ok so the challenging part is getting the systems installed on teh car and reprogramming your Z06's computer and current suspension settings to work with the new hardware. Also I'll guess you need a good amount of electronics work inorder to get them to work. I don' tknow if the ZR1 or Z07 package have fuses or anything but I think you will need some good wiring.
I really do'nt think it is worth it. you need to do alot to the car and I don't think you will notice a difference even if you ever get them installed. For one you wil need to use the michelin tires at 20in (because tha tis what the system is calibrated for, and the tires inherently are quiter then your current goodyears) and I do'nt think your install will be as clean as the factory's.
I'd love to hear what plans you had for it though. Hell if you get it to work I'm sure some crazy C5 folks would give it a try. lol.