Is this wiring suitable suitable for 3-way Z-Wave switches?
Unfortunately, that style of wiring -- essentially a "switched loop" -- is not compatible with "smart" switches that require a neutral. 

The 2011 NEC finally recognized this and now requires neutral at switches, but your home obviously predates that requirement.

There are a few options, but none are easy/cheap:

New wire

Replace the wire between switch and light with a three-conductor (14/3) wire. You get hot, neutral, and switched hot. 

New power feed

Run a new power source (which would include neutral) to either switch, and disconnect the existing source in the light. 

The existing 3-wire between switches carries hot, neutral, and your signal/traveler, and the 2-wire between switch and light carries neutral and switched hot. 

This requires access to one of the light boxes, as well as another power source. 

Use an in-line module

Buy and install a Z-Wave "in-line" dimmer or relay in the light box to control the light.



The existing 2-wire between the light and switch would just be hot and neutral, and you'd setup the switch to control the in-line module via z-wave signalling. There is no switched-hot going to the light. The existing 3-wire between switches carries hot, neutral, and your signal/traveler.

Nice thing about this option is it doesn't require changing wiring (and thus no holes/etc). The module will cost ~$60 but that may be the cheapest option compared to the alternatives anyway.