Z-score, RMSD (to what?) or Ramachandan may be viewed as a way of establishing if the homology model makes any sense. True validation can only be done by comparison to experimental data, like e.g. deltaG binding of ligands, ligand poses and interaction with selected residues (through mutagenesis data), low-resolution xray/nmr and so on.
The stereochemical validation of model structures of proteins is an important part of the comparative molecular modeling process. Firstly, the selection of high quality structures for inclusion in loop dictionaries is important for the simple reason that these coordinate sets will be used to build future models. Secondly, the structural evaluation of comparative modeling output must be used to identify possible problematic regions.