Yes, there are at the very least stories of guys drifting their V8Zs in competition. The car is naturally suited to wheelspin and good handling. The V8Z is docile and controlable, so there is nothing to really worry about.
There must be some misconception out there that a Chevy V8 is somehow fragile (I'm getting this idea from the question you asked--innocent enough, but not founded). These motors can be flogged all day long and a Vette or Camaro V8 engine is sound enough to take most anything and drifting is just another sport to rev the motor. Every day I visit the drag strip, there is always someone on the strip with a Vette or Camaro, so I'm pretty sure you'll be just fine. And, with the motor being a Chevy, it'll be fairly straight forward to fix in case something goes wrong.
Davy