The '99 Vette was before the Z06 days, the only lineup which falls within 3100lbs is the FRC. However, in stock form, it only delivers 345HP/350lb-ft, not bad consider it is nine years old. But you are definitely not getting 341 at the wheels, more like mid-high 200's. The quarter mile time and the fuel econ both seem to be far too optimistic for a stock car, you need a Z06, or a '08 C6 to get that kind of 1/4 mile numbers. So I presume it is a modified car. I am not a fan of the C4/C5, but the '63 C2, if it is a coupe with the split window, was definitely one of the sweetest Corvette ever made.
Not sure who was in the Ferrari, the 430 has a 1/4" time right at 12sec at around 124MPH. But I presume when you have someone who doesn't know how to shift behind the wheel, or not familiar with the F1 shfiter, you can easily make it a 13.4sec run. But it is attributed to poor driving, not the car.
I view this as a feel good video, I wonder what type of transmission you need to fit into that tiny space, handles the power, without needing a rebuild after a couple runs. Not to mention how to fit properly sized brake behind those scooter wheels. Poor aerodynamic, high speed stability issues, handling concerns, etc... All make smart a very poor platform to build a high performance car on.
Let's keep the smart where it belongs - an cute looking econo box designed for the urban area. Fitting a motorcycle engine in it does not make it a Ferrari beater.