I was thinking through those same issues a long while back, what's the best size of engine(302/332/347), plus heads, at what boost, given a certain 302 block. I was planning ahead for using a stock block, and not trying to make so much power that the front axles, driveshaft etc, would be a big problem.
I think around 500rwhp is a great limit to put on these trucks, and hopefully that's not too high for a stock block or other unknown weak links.
Anyone can achieve that kind of power with a stroker and plenty of boost, but the choices for heads, headers, exhaust and cam etc, those will define where the power ends up.
As an example, if you maximize everything except the heads(GT40's), you can still end up way over 500hp. But if you use a small exhaust(one muffler and the TM headers), then the smaller heads might not get it there.
I thought about trying to get Woody to build a 302, but I really don't think he'd do one unless it was for a friend on the side. He is still covered up with work, he literally has 2-3 months of work to do all the time. His business has been that way since he began his current method, strokers etc, and it was at $1899 for a complete 247 shortblock. He has moved about $500 up, for all engine sizes, and the backlog of work remains long.
So for a turbo combination like you have now Don, if you can get the right heads, and intake manifold, exhaust, custom cam, then the 302 to 306 engine can reach your goals. Choose where best to spend the money, balance the sizes/matching of the critical parts.
The turbo does let you force more through the smaller exhaust than other combinations, but it isn't a big difference. A bigger exhaust would still help.
The HP goals should make you get a well built transmission also, before finishing the engine combo. So I'd budget that in early on, and get that in the works.
BTW, on the SBFtech forum, there was a set of TFS TW 195's for sale there for $900, around 6-8 weeks ago. That was a good deal and a great upgrade over any GT40 heads. I'm beginning to look for a similar TFS TW head, used, for my 302 V8 swap later for my 99 Explorer. For a mild NA 302, I'm after a head upgrade like the TFS TW 175's, but the 195's will do well also for a 10:1 engine. I expect to end up with at least 50rwhp over stock. Keep an eye out for those best parts, many used items are a great alternative to new parts, or in this case building up stock GT40 heads, versus far better TW heads. Regards,