Hey, don't be too upset. Those Lightnings are giving Corvette and F-body owners fits too. GM had a version of their own before Fjord even thought of the Lightning...remember the Syclone and Typhoon trucks with the Buick Grand National Engine?
Most stock V8's can take about 125 hp of nitrous without any problems. Just don't get greedy and start turning it up above 200 hp, because it'll end up committing suicide. But yeah, a properly installed 125 hp shot, even maybe a 150 shot, should be okay. Check out Summit Racing.
As far as what the cylinder "sees", nitrous oxide is really no different than supercharging. That's why they call it the "chemical supercharger", and you're right, you can turn it on or off. You can probably get a decent system for under $500 bucks, maybe under $400. Or go to your local swap meet or E-bay and get it for even less.
