No,
The 5. 7 GM diesel was a converted olds 350 small block and had the well deserved reputation of being garbage. In fact, I believe that this engine is single handedly responsible for turning many people off of diesels to this day.
The 6. 5TD grew out of the older 6. 2 (which was a replacement for the infamous 5. 7). The 6. 2 was reasonably reliable albeit very weak on power. The 6. 5TD had OK power for its day, but wasn't robust enough to take much modification. High EGT's and an aversion to higher boost levels prevented it from having the potential of an early Cummins or Ford 7. 3.
I still own a '93 6. 5TD and it ran wonderfully up until about 150,000 mi after which time it required two top-end rebuilds (plastic valve keepers, sheesh!) and suffered a catastrophic failure of its dual mass flywheel which cost me mega $'s.
In a nutshell, I would think that the 6. 5TD is adequate if its got relatively low mileage and isn't used to tow really heavy or really often. No amount of money can make it as strong and as reliable as a Cummins, but then again, the Cummins is truly in a class by itself. There were some additional issues around the electronic versions (post '94?) and you would likely learn some usefull information on the GM diesel page.
How'd I do, JUeckert?
Dave