Is it possible to say "buszra"? If so, what is the difference?
It's not just possible but it's more likely that people would say it that way.
"Buszra vár" is "wait for a bus".
"Buszt vár" can mean the same but can also mean "expect a bus".
Yes, It's good and there is no difference of their meaning.
This might be a silly question but i cant figure out why it is "buszt" and not "busz" here?
It's the object of the sentence, so it takes a -t ending.
With this word order, is it an answer to the question "Who is waiting for a bus?" since "te" is right before the verb? Would a more common word order be "Egy buszt vársz."?
Waiting For The Bus In The Rain: https://www.youtube.com/watch?v=6CXiB5n883I
"Te egy buszt vársz" is also correct, I'm a native speaker.