question

should i try to find some loopholes and import a evo5 and legalize it or should i wait for the evo7? what is a decent price for an old evo5 and is it worth it (rare, nicer looking (imo), potential/accel, etc)?

That depends on where you live. The evo five was a better rally machine i think, but what would I know. Either way, The evo 7 is looking like it is going to be better than the Evo 5, and besides, get the newest and badassest if your going to go to all the trouble to import it and make it legal. Why get a 3 year old ride and spend all the time to make it legal, when you can get the creme-o-da-crop.