I wouldn't do the LS/Vtec because to build it right so it will last costs some big $$$. I am in the process right now and am up around 3500 with the rods, bolt, head studs, srp pistons, new bearings, type r oil pump and water pump, etc etc etc.
TURBO! It can be reliable with a conservative tune. Just keep one thing in mind, don't get cocky with the boost or ignition retard. "safe" ignition retard would be somewhere from 0.8 deg / lb or boost and up depending on the turbo. Also keep the AFR in the low 12:1 and richer when in boost. Should be pretty safe with that.