So I've thought to work on ym car for about 10 hours every week, slowly trying to fix it.

Already rebuilt the carb, trans pump and just have been having problems getting the fuel pump to run.

Recently the car was flooded by the rain somehow, no idea where the water is leaking in but the entire fuel arrangement behind the drivers seat was soaked and it looks like the fuse box under the drivers side had water.
There's rust near my carburetor from the water, and the new fuel pump I put in.
Car ignition won't turn anymore, I just hear a few clicks but nothing responds.

My question is: if I should bother with this vehicle, what should I change?

I am already thinking the entire wiring harness to be new.

But at this point, am I better off investing $1500 in a different rx7 and just scrap this for $400?

 

A better plan might be to find a decent road worthy RX-7 of the same year and model, then use the car you have for parts (or vice versa, depending on circumstances).

Either way, there's no getting around the fact that a certain amount of upfront work and maintenance will be needed to get a reliable daily driver.

 

Yup what he said ^ I would search around a bit for one that is closer to being road worthy and stockpile the parts from this one. That includes rear quarters...never know when you will need a spare set...

 

Can you post a pic of the car you have now so we can get a better idea of the shape its in?