I don't think the suggestion is crazy at all. You could drive the Miata stock and get much better gas mileage and reliability (or at least peace of mind) than the RX8. In addition, you could even turbocharge the new Miata and get fabulous performance and tossability while still getting better gas mileage and reliability. Would the Miata seem a class down compared to the RX8? Well, the Miata is built on the same platform and I think it will have a superb feel on the outside and inside. The Mazda 3 already exhibits these traits, a first for the subcompact class.
Tuning a new Miata could get you a car comparable to the S2000 but more sensible, especially with the uncertainty regarding a new RX7.