I would go turbo! Theres nothing else like it!
You can cut turbo lag down if you use a smaller turbo. You can also play with the compressor wheel sizes and help that problem too. The best way to get rid of turbo lag is to run a automatic tranny with a stall conv. I drag race my Syclone and Typhoon. I leave the line at 8 psi of boost in my 100% bone stock Typhoon and I've pulled a 1.68 60' in it. Not bad for a stock V6 4200 lb. SUV on street tires. I can build 15 psi of boost in my Syclone while sitting still.
Check this months Car Craft. There is a Ford Falcon running 11.8's with a almost stock I-6, blow through carb and a small turbo. Maybe itll give you some ideas.
