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The actual Corvette Pace Car that served at the 79th running of the Indianapolis 500 was a near-stock LT1 Corvette Convertible, except for the mandatory safety features that were required by the Indianapolis Motor Speedway.  The Official Pace Car cam equipped with strobe lights, a special roll-bar, five-point safety harnesses for the driver and passenger and an on-board fire suppression system. Chevrolet built just three of the actual pace cars.
The early C4's had their problems, what with the 1984 Cross-Fire Injection and its unusual 4+3 manual transmission. By the late 1980's, the fourth-generation Corvette had evolved into a more desirable automobile, thanks in part to the arrival of the ZR-1.