The Z was just a blatant rip-off of a Jag - but they weren't denying it and it had the price tag to match. You can't hark back to the days of when you were just a wannabe and claim nostalgia.
I'm not really sure where you are going with this, no matter how it started (though looks more like a Ferrari 250GT than an E type to me honestly, even though I know E-type played a big role in the design) the Z badge has a specific history behind it, the Fairlady Z is a 2 seater (sometimes 2+2) fastback sports car.
P.S. Also the Z styling has grown quite unique since the S30Z days so that's not really an argument that makes any sense anymore either.
As far as comparing it to BMW's roadster, the real problem is that Nissan doesn't have a car to put up against the BMW - but they sure didn't mind charging you BMW prices for it.
That's completely irrelevant, whether you think that the Z is no match for any BMW or that it costs more than it should has nothing to do with this discussion.
The problem is taking a well known sports car and making it into something else for no real reason. What if BMW made an M3 a cross over? I don't mean the X3M (does that exist?) or something like that, but if they completely dropped the M3 sedan and made a crossover called M3, it would make no sense at all.
I'm sure it's true but what does it matter?
The 1996 (last year it was made) 300ZX Twin Turbo had a base MSRP of $45,422 in todays money it's $69,084.86, hell the cheapest model (N/A 2 seater) was $37,439 or $56,943.07 it looks like prices went down quite a bit
Also Nissan has a car BMW can't even hope to touch
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I really hope this is a rumor. For a while nissan kept saying they were going to go back to what the 240 was back in the day, a low priced, smaller, basic sports car. Some of the guys at ZCON this year said the new Z was gonna be a 4 cylinder turbo, with some styling from the IDX concept car. Which I think looks more like a celica than a 510.
Agree on the IDX did not look like a dime to me at all.
EDIT: Decided to research the Z4 roadster for the hell of it.
Since you claim the power is underrated on BMW and overrated on the Z I am going to only post 0-60 times and MSRP:
Z4 (base model):
0-60: 5.6sec
MSRP: 49,250
370Z (base model):
0-60: 5.1sec
MSRP: 29,990 (current), $40ish (claimed by you)
So you would need to be pay 9 grand more to get a slightly slower car from Ze Germans, I really don't see how it's "too expensive"
P.S. The NISMO model does 0-60 in 4.6, so for about a price of a base Z4 you can get a much faster car.