The 94 made close to 500rwhp, stock shortblock.
Had too much fun one day and blew a rod.
I am now building up an old E6 block, with forged internals. This should be more fun... but I dont know HOW much fun before she splits.
Also, your buddy in the CAMARO cannot, repeat CANNOT go past 6lbs of boost, or else he will have serious pinging and detonation due to his high compression ratio. That car has 10:5:1 compression, opposed to your 9:5/4:1 compression.
You can honestly build a pretty stout shortblock for about $800 in parts, just buy some old TRW pistons from a FOX mustang, order some nice I or H beam rods(~$300-400), and a forged crank(~$350-400).
I'd personally be more worried about the block splitting than anything else.