You can forget about Turbo'ing the Tbird. Its just not a wise HP to dollar ratio. You're looking at having a custom K-member made, a totally hand built turbo kit, etc. All that = HUGE $
But I can recogmend modding the Tbird and keeping the Mustang stock 
In all reality, the 3.8L should live a long time behind 7psi. It's all in the tune. Put the right parts on the first time, and have it tuned right the first time and it should be a happy motor. If you want more then 7psi at the track, throw in race gas to keep things safe. A $50 tank of fuel is better then a $4K rebuild.
The trans will handle the power fine. Not sure how the 7.5" rear ends hold up under that power though. Thats something the V6 guys will have to help you out with.
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'97 T-bird LX 4.6L 2V, auto
SVO heads/intake, Vortech T-trim, front mounted intercooler, blower cams, Cobra crank, Manley H-beam rods, JE pistons, Aeromotive fuel system w/ 42# injectors, and much more
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