if that car really dyno's 342 he has more than msd, exhaust and headwork.. im guessing cam as well? either way, buying someone elses project and deciding to throw a turbo on it isnt such a great idea, i bet that cam isnt good for a turbo and neither are the heads.. chances are if you dont build up a turbo setup the correct way you are gonna find yourself with an extremely fucked up bottom end, and i love race related to death, but they arent going to guide you through the process of building a turbo lt1, they are ford guys... if that car really makes 342 hp to the wheels and you want to make more, buy a profesional heads/cam package or take it to a dyno tuner and see what else they can suck out of the existing package..

as for a turbo if your REALLY set on that and you want to do it the cheap way, look into the STS rear mount setup, its probably the cheapest, or if you have turbo experience fab up your own kit. a 60-1 turbo is good if you dont want to break the bank but still want to make in the upwards of 450-500 hp.. a holset HD2 will do nicely for a custom rear turbo setup, your gonna have a hard time doing it mounted in the engine bay unless you konw someone who can fab you up some exhaust manifolds.. after that all you need really is piping, wastegate, FMU, some oil lines, an oil pump and a bunch of check valves for safety.. have fun