300WHP for $3000

Alright so I have a 1996 Mustang GT that I am looking to mod. So far for power upgrades it only has a cold air intake. The engine has 260,000kms. I've got a budget of $3000 Canadian (2250 for you Americans) and I'm trying to plan out my build for this spring. My main thing at the moment is whether I should go N/A full bolt on OR turbo/supercharger. After reading the famous "supercharger kit for $1500" thread I figure I can track down everything I need within budget. Alternatively I could go turbo, On3 kit is a little on the expensive side but I know there is a twin turbo kit on Ebay for around $1500 (not sure how trusty that setup would be lol)

N/A plan/budget
- SR underdrive pulleys $84
- 4.10 gears and install kit $259
- Stage 2 Comp Cams $595
- Comp Cams Valve Springs $205
- Comp Cams Retainers $51
- Ford Performance Head changing kit (for PI swap) $131
- Bama X4 tuner $399
- BBK 78mm throttle intake $299
- PI heads and intake approx $200 from junkyard
- LT headers and X pipe $300
$2523
This would fully freshen up the engine and give me hopefully around 300whp. Maybe a little under but that's probably not that unrealistic of a goal for all that stuff.

S/C plan/budget
- Oil Drain assembly $55
- Oil Feed assembly $56
- Air inlet $283
- Discharge assembly $251
- Mounting bracket $288
- Vortech head unit approx $1000 ($800 best scenario)
- 255lph fuel pump $99
- 36lb injectors $50
-dynotuning + tuner $700ish
$2682

This setup would probably get me around 350whp? Main concern is how safe will a 260000km engine with a S/c running like 8psi

Turbo is an option but there is so much unknown with the ebay kit and the On3 system with all the extras you need with it winds up being close to $4000.

Thoughts anyone? I personally feel like it would be worth doing some sort of prep and maintenance to the engine before going forced induction. Even just the Pi swap to let her breathe better and maybe a throttle body and gears. Any prices or numbers sound unrealistic here? All input is welcome :)
 
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N/A plan/budget
- SR underdrive pulleys $84
- 4.10 gears and install kit $259
- Stage 2 Comp Cams $595
- Comp Cams Valve Springs $205
- Comp Cams Retainers $51
- Ford Performance Head changing kit (for PI swap) $131
- Bama X4 tuner $399
- BBK 78mm throttle intake $299
- PI heads and intake approx $200 from junkyard
- LT headers and X pipe $300
$2523
This would fully freshen up the engine and give me hopefully around 300whp. Maybe a little under but that's probably not that unrealistic of a goal for all that stuff.
This wouldn't do anything to freshen up the bottom-end of the engine, it'd still have 160,000+ miles on it (converted to freedom units). You can ditch the underdrive pulleys too, they don't do much, and can cause drivability problems. A little Googling show most people ending up in the 250-280rwhp range from a PI swap and bolt-ons, but your mileage may vary.

That said, she's a 2v 4.6. They're a dime-a-dozen in the salvage yard. Feed her boost until you're scared or she pukes a head gasket, shell out $300 and a weekend to stab a junkyard-fresh one from Lincoln, Grand Marquis, or Crown Vic in there and repeat. I wouldn't even worry about the PI swap initially unless you blow up the engine you've got, then grab a PI engine from the aforementioned Crown Vic, Grand Marquis or Lincoln, and carry on. (So yes, my vote, such as it is, would be for the 2nd possibility.)
 
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With the milage on the engine you are better off leaving it alone and saving up more until you can re-build/replace the bottom end at the same time as doing performance mods.
 
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