You've got to pay to play. There are much cheaper cars to get to go fast. If you've got enough money to beef up the internals in that engine and put together a custom turbo system, then you have enough money to a 5.0L or early 4.6L Fox body or an LSx powered F-Car, which you can get into the 11's for about 5 grand if you are a good shopper and can turn a wrench. 10 grand if you want to garauntee it to last more than 10,000 miles and work in a traffic jam. If you need an import, go with a Civic SI. Parts are cheap now-a-days.
You could probably add about 5 pounds of boost to the engine before you would start to detonate, and you will eventually frag the trans. It would still have trouble beating a V6 Camry, especially one made in the last 5 years or so. To make it a serious car with that engine, expect to pay around $20k before you are done.