When I was first looking for a cheap (<$1000) project car circa 2006 it had to have RWD, a manual gearbox, and fastback styling. My first target was the Porsche 944. Thankfully, I struck out on a few of those and expanded my search to A70 Supras and S30 Z-cars. Ended up getting a 240Z and didn't look back.
Similarly to Jon, I ended up with a Z because it fit my criteria and was dirt cheap at the time. If I were searching now under similar budgetary and performance constraints, I bet I'd end up with some sort of E36.
That said, the Z has been a great platform to learn on and play around with. The added bonus is that it has a timelessness that the 944 and A70 Supra could only dream of.