Ok dude... a few things.
#1. DON'T half-ass it on a turbo setup. it wont last for shit, and you will go boom.
#2. the LS doesn't rev high. period. with turbo, you don't need to rev high- you have power through out a nice wide band thanks to the LS tranny's gearing.
#3. thats kinda pricey. i paid $1200 shipped to my door for a 94 LS with 80k on it. depending on year/miles, id say its ok. but shipping- it doesn't cost 350 to ship a motor. 150 tops. be aware of that.
#4. how much boost? read the FAQ forum- it depends on the actual turbo... there are hundreds of T3's, and all flow different CFM's. that said, under 7 psi is as high as i would go on a moderate turbo (such as one fronm the drag gen 3 kit) on stock internals.
#5. Don't half-ass the tuning part of it. Hondata.com owns... but if you can't afford it, you at least need injectors, fmu, pump, air/fuel guage, fuel pressure riser, and an v-afc at minimum.
#6. Ls/vtec is gay with turbo. pick one or the other- It costs at least 3 grand for a VTEC conversion on an ls block- done properly.
#7. Going turbo is NOT cheap. Being 16, i would say build the motor with the money you were planning on spending on the turbo kit. And save until you can afford a real turbo set up. but that's just my opinion.
#8. Stay here and do a lot of research before you buy anything. you'll thank us in the long run