I haven't done it, but it's been done. There are at least two commercially available hitches. The most common use is to tow a tire & tools trailer for guys that go to autocross and HPDEs, so they can drive on street tires and then change to race tires at the event. However, I have heard of folks towing a bike, for things like Deal's Gap or drag racing, and also towing Sea-Doos. The largest population of Vette trailer-towers is probably on the Autocross forum at CorvetteForum.
GM has no trailer rating for the C5, but there is one for the C6. Since they have basically the same chassis and driveline, I should think the C6 rating would also apply to the C5, as a practical matter. An aluminum trailer, and a single bike, should not be a problem. Be sure to get the tongue weight right; it's a much more important issue on an IRS than a straight axle.
Good luck, and don't let any naysayers deter you! Heck, there's a guy on CF who is a railroad enthusiast, and he
tows a small gas-powered rail "speeder" around with it.