Turbo is a great idea for some more power, but you may consider doing some more reading/learning first. I guess thats what you are doing here.

7-8psi will be within your limits.

Along with the things that you have mentioned you will need a better fuel system. Injectors, pump. FPR???
In your case you are probably better going with a kit from someone, but this will not be the cheap way to go.

A turbo timer is not necessary if you are working a budget.
Needed
Turbo
wastegate
exaust manifold
intercooler
all pipes
something to tune
boost guage
egt guage might be nice
bov
I know I'm forgetting some things.....



You should contact Cronic on this board. I forget if he has a D or a B series but he has a whole set up for sale, minus the IC.