May be simple questions but I know little about the mustangs in general.

Basically I have been thinking about getting a cheap 94-95 GT and doing a little turbo setup (possibly a single 67mm). I see the cars selling for next to nothing all the time, of course some in not to good of shape. Now onto the questions (i have my fire suit ready)

What power levels can the older 302 motors hold stock and after internal work? I want to be able to run 10-12 psi and make 500whp and possibly have room to go higher, am i dreaming to big? I have been told that some people have these motors 'split' when you make power, but not sure if there's truth to that.

Any and all info is appreciated!

 

EDIT:^That is with supporting mods as well (HCI, bolt on's, etc..) not just slapping on a turbo.