"...why? seems way harder to install and crap w/o any gains."
What part of senior design project don't you understand?
mook - I always get intrigued by a different approach to things. I think the piece I'd take a close look at is just how much room you have down there. The turbos probably take up more space than you think - so that's the first thing I'd explore. Since the heat from them is gonna rise, you need to think about how far from the floor pan you could mount them, what that does to ground clearance for the turbo, and how they'll do in an environment where they're being splashed with water (rain). Also, most rely on a gravity drain for oil back to the pan. If you mount them lower than the pan, you're gonna have to figure out how to get the oil back to the sump. The units that are being marketed to replace the rear muffler on F-bodys (not a typo) use a small inline oil pump to return oil from the back of the car/turbo location to the sump. If they're water cooled, you've got coolant circulation questions to answer as well.
Plenty of fodder for a design project -- good luck with it.