Ray! "you don't need to intercool a turbocharged motor" Any time air is compressed, it's also heated - doesn't matter whether it's a belt driven compressor or an exhaust driven compressor. In fact, turbos probably put more heat in the intake stream because of the exhaust turbine's close proximity to the compressor turbine. Turbo boost requires intercooling just like supercharger boost does -- unless you want to run it pig rich with no timing (just like with a supercharger) to avoid detonation. Besides - it's free HP. All else equal, you gain 1/2% to 1% HP for each 10F decrease in intake air temp. You definitely want to intercool a turbocharged motor.
Saab (who have as much or more experience with turbocharged engines as anyone else out there) recently offered a low-pressure turbo on their 3.0L V-6 that was configured just exactly like what was proposed here. Only one bank of 3 cylinders was hooked to the turbo -- the other 3 cylinders were exhausted as they would normally be. The result was a low pressure turbo that didn't produce huge peak HP numbers, but made exceptional torque low in the rpm range. A set up like that can definitely be made to work - but as with anything else innovative and unique, it's gonna take resources to make it work well. A bit of trial and error engineering. The turbo should be sized for about half the 5.0L's size (something that came off of a 2.2-2.5L four cylinder ought to work) since it's dealing with only one bank of the V-8's cylinders.