So my thought.
Run what you got
add some laughing gas
Build a set of twins that will work for the next motor too
Drive it until you get tired of it or you hurt it enough that it can't be easily fixed, then buy the new motor.
Lots of benefits in learning how to race with a slower vehicle.
I think we've really settled on the supercharger over the twins. The packaging is just easier and it's going to look cleaner with less heat in the engine compartment, not to mention for street driving it will just be more fun.
Now about the current engine and why this would be a fairly bad Idea. This is the engine out of my old Blazer, when I installed it, a washer went through #5 and beat the piston/head up quite a bit. I cleaned them up and ran the engine for quite some time in the Blazer, it ran in SupersizeK5s race car for one race, then it sat around until I dropped it in the shop truck a while ago. To run turbos on it, I'd need to replace the heads and pistons and possibly the rods. At a minimum pistons and regapped rings.
If/when we buy the Smedding engine, it will go in the truck and we'll have our fun. If we really like drag racing, I'll likely rebuild the LQ4 to put it in the shop truck and pull the Smedding to put into a lighter car specifically set up for drag racing/drag and drive. I've always wanted to build up a 1000+ HP engine, but it really didn't make sense for the S-10, that would have just resulted in even more broken parts.
Also, we use the shop truck quite a bit. I have to go into the office once a week and that is my wife's primary vehicle when I've got our commuter. I don't want to blow it up, I want it to start, drive, and generally work like a more modern car.