There are things that I agree and disagree with on diz's post.
First, the wg/ bov question. Yes- you need to spend some time learning the whys and hows of boosting an engine. Again, no disrespect but anything you aren't sure about should be discussed(like we are doing now) before you make your plan and start collecting parts.
I also agree with the e85 advice. I don't think it's for you.
I don't agree with getting rid of that engine. It's a sweet piece, and with a bit of changes, will work great.
No way will a t4 based single turbo work for this application. This engine will need the highest exhaust flow available. I would keep the cam thats in it, and select turbos that will keep the pressure ratios as close to 1:1 as you can get.
Efi will give you absolute fuel control over a much wider dynamic range than a carb will be able to control. A blowthru carb on a 700 hp engine will be able to be tuned acceptably, but when you are trying to strech the curve out over almost double the fuel demand, and still maintain nice driveability, I feel the work to get a carb to work anywhere close to efi would be like chasing a rainbow.
I will suggest picking an efi system capable of dis ignition. If driveability AND power are important to you, take into consideration the fact that there are ignition events that are needed to happen from 0 degrees to 50. Try to control and phase a distributor between those ranges. Good luck, that will be one bad mambo-jahambo with a set of hair driers on it. My suggestion about turbos down by the starter was more of an example of what you can get away with with a dry sump. Normally turbos need a gravity feed to a level much above the pan level. You are free to do as you wish with placement.