12 sec Civic, you are right about everything but the redline. DO NOT over rev rotary engines! The RX-7 you saw probably had a race engine or the guy was lying. Rotary engines have a great deal of heat, and the faster you rev, the more heat. You get to a point where the heat level is no longer safe to operate under, and it can melt the softer metals of the engine.
Try revving an RX to and a tad above the redline, you should hear a loud over-revving alarm that Mazda put in there to specificly prevent and let you know that you shouldn't be revving that high.
Still, with a 12A or 13B you will have plenty, too much power really, smooth, and it's a fairly compact engine. I'd suggest sticking with an NA engine, such as the 12A, 13B from the first gen GSL-SE, and the 13B from the 2nd gen RX-7s. You can still have 142(plus or minus, it depends on useage by the original owner(unless you order a rebuild from Mazda))hp, and you won't have the problems that turbos can create.
Just go to your local junk/salvage yard, check out the RXs, and see if you can get any of them running. 2nd gen engines are ideal, because they don't flood nearly at all, they are smoother than the first gens, and they have the most NA power and longest durability.