My thoughts on the turbo conversion.
If you are going to turbocharge it then it needs to be done properly, get the turbos working hard, none of this half a bar rubbish. This would need a compression ratio of about 9:1, you'll see extra power and torque and it'll be a fantastic drive.
You then have heat issues to deal with, engine bay ventilation, higher coolant temps, oil temps etc etc. These are what will cause headaches, everything else is off the shelf.
Unless you want silly power which is pointless for 0-60 then Nitrous is the way to go, A friend of mine installs it for a living, about £750 will have a drive in drive out wet sstem fitted and your engine should be good for at the very least 100hp. You don't get the same cooling issues, it's removable and despite the fact you are having to refill a bottle every few weeks or months it isn't that expensive to use. Also, it's putting the engine under less stress in general driving.
I see on a lot of forums people doing home made turbo conversions, some seem to work out ok, others do it just for the challenege, i've never seen one that i'd even consider having on my own engine though, there is a fine line between a bodge and a decent installation.
Dave!