302-cheaper,easier. 200 turbo-cooler,but more complicated. And probably more expensive. There's a reason that most guys run 302s.
I want a turbo so bad in my 250 lol. My opinion is always to go with the turbo (not that I've ever done it before. I do like the feeling when it kicks in tho. kind of off topic, but where in NC are you? just curious.
you can always get a 2jz motor from a toyata supra and turbocharge that, very capable of 800 horses. but then again, im not so sure what you would do about the tranny.