water to air may be more efficient for a race car, but for a street car a front mount air>air is more convenient, not to mention cheaper, simpler, and more reliable. an water to air requires ice to be efficient, otherwise it will eventually heat soak and just as it takes more to heat water, it takes more to cool it. wihtout an exchanger it's worthless, but even with an exchanger it can only cool so much in relation to outside temp. so unless you have time to fill up with ice at every stop, air>air takes the gold
also, front mounted intercoolers don't really heatsoak unless youre standing still in hot weather. theyre more consistent than a water>air.
na86, you'll never get a definite answer as to how much power a stock block can hold. i don't doubt that 700hp+ can be achieved by a good tuner using a ems, but generally people recommend upgrading after 400hp. although from your post it sounds like you just want buy a stock turbo supra and stick a boost controller on it... in that case 10-12psi before you need more upgrades