You don't need water injection AND an IC
I would go with the IC. Roughly the same price, and it looks sexy. No tanks to forget to fill.
If you do buy the S/C, Get a 3.25" pulley. This should make 11psi at 6K rpm, or 10psi at redline (5,800rpm)
I have run 14 psi on my stock motor for 2 months.
Currently I run 10-12 depending on the temp outside (turbo)
see my sig.
Just get the tune conservative, 11:1 max a/f and not much timing and she should last forever. I have over revved my engine countless times (a friend punched it in first gear, a BIGGGG no-no in my car, and Pegged the Tach at 8K momentarly. Thus producing 18psi of boost. I got lucky on that one.. But it goes to show that these motors are stronger than many think.