Twin turbo 300zx a good car?

I'm looking for something reliable and fast… I've had my eye on a honda civic si but was interested in this car they want 6500 and it pushes 420hp. Would I be wasting my money? It has 200k miles but the engine is freshly rebuilt

Absolutely not. Unless you're a mechanic, an enthusiast, or just have a but load of money. Just think about it. $6500 for a heavily modified car, that's also a collectors model and one of the best Z cars ever made by Nissan. Pushing well above 300hp.
A properly maintained, highly modified car like that; especially with 420bhp should be upwards past $15,000.
Stick with the civic. You'll get Honda reliability and rediculous MPGs for a sport compact. 27-32 mpg when your not flogging it around in the VTEC range.

I don't like them personally, I expect the build quality/reliability would be decent but not top notch. My advice would be to go for an AudiTT; you should be able to get a nice one for 6500

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