I'm wondering if the Z150 can handle this:

Normally I've always left an iPod in my car.  My "fun" car (2004 VW R32) has an older Alpine unit with a dedicated iPod in the glove box.  I've bought an iPod Classic for my new(ish) truck with the same goal.  I'm planning on getting a Z150 installed in the near future.  I would love to have something similar, which I know the Z150 can do.  However, I would ALSO like to have a way to plug in my iPhone 5 at times.  I don't want to use both at the same time, but I would like to be able to do either.  Is there a way to have both a lighting and a dock connector cable hooked up at the same time?  Or if I just did a dock connector cable to my glove box do I lose anything with using the dock to lightning adapter cable?

Unfortunately you cannot do this. With the 150BH it is one or the other. When trying to use the dock to lighting connecter you will lose "App Mode", the iPod option will be available but will not play the music. I know this from experience, I tried exactly what you are attempting to do. I am not sure this is a Pioneer limitation or an Apple lightning issue.