I don't believe this would be a worthwhile mod for a SyTy unless maybe it was a dedicated autocrosser. Yes, independent rear suspension handles better than a live rear axle. *But* it also has more difficulty in getting the power to the ground. With our high torque low rpm motors this would not be a good thing. 'Vettes have problems getting off the line, even with monstrously wide wheels and tires, especially when modified for increased power. This can be overcome to some extent by having the power come on in the higher RPM's. We don't have higher RPM's. We live and die by how well we get off the line up to maybe the 1/8th mile - by then our aerodynamics (and AWD, usually) really start to handicap us - meanwhile the 'Vette is really just starting to come on strong - overcoming it's relatively poor launchability.
I think it's better to stay live axle and maximize it for torque transfer and handling - for instance with the PEP rear suspension kit. Yes, you can improve the independent rear suspension's traction potential but it's basic design prevents it from hooking as well as a live axle. With the live axle, as long as you have a limited slip or lockup diff to apply power effectively, when one wheel tries to lift off the ground the other is forced into the ground so one side at least always has a good bite. With the independent rear, the force exerted on each wheel tends to lift *both* wheels decreasing bite. Of course, this is also why it handles better - with the live axle any applied force, bump, or turn which affects one wheel will affect the other to some extent. With the independent rear, both wheels are, um, independent so they can optimally react to the conditions they face without undue influence from the other side.