My quick comments...
1) I would be leary putting a turbo or blowzilla on a stock bottom end that's already making 300 rwhp or ~360 at the crank. IMO you'll put alot of money into the turbo/blower/fuel system and then break something.
2) A 408 would make a ton of power and would be unique. Plus a new 408 would be reliable power for many years.
3) I'm not sure what kind of clutch, tranny, axles, rear-end you've got...but consider these in your decision as well. All that power could easily destroy a T-5 or stock axles with ET Streets on them.
Just some thoughts.
E
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1991 5.0 LX Coupe - 40,750 miles
331 cu. in. / Tremec 3550 / BFG Drag Radials
12.22 @ 114.31 mph - w/1.89 60'
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