While I don't think that a Z could beat a F430 Scuderia, it's within reason to say that the Z can very readily beat an F430. However, you'd need a lot of money...
First things first, you've got to increase power. The Stillen supercharger gives the Z about 450 rwhp. A TT setup could potentially give you 1000HP if you modded the Z enough. GTM already produces increased-displacement modifications, up to a whopping 4.5L. That combined with a twin turbo is huge potential.
If you want to beat a F430, even a Scuderia, on a drag strip, that's easy. Big engine, big turbo, big tires, and a rock-hard suspension. Well, you'd also need a VERY good driver. It's difficult to shift a 1000HP car, let alone try to beat one with a six (seven?) speed sequential gearbox that can shift as fast, if not faster, than you can blink an eye.
That being said, the mods I did mention would put you back a LOT on funds. In fact, I'm sure that for the parts and labor involved, as well as dyno tunes and etc., you could actually buy another 370Z, possibly even a NISMO. Not to mention how much gas that will use (and I doubt premium pump will have enough anti-knock without alcohol or water injection).
All of the above is assuming said F430 is stock.
If you're arguing with your enthusiast (or ignorant) car guy/girl, you can reasonably beat an F430 with less money than it costs to buy an F430. If you plan on trying to track against an F430, I would wait for three years or more's worth of disposable income before you even start to think about going against that Ferrari.
Better yet, I suppose you forget about that and buy a 911 turbo S or a 911 GT3. You know what, forget that, just buy a 458 Italia. That will tell that F430 what for.
