Its very possible.
As for doing it,
Well.............................
You will need
-to weld a flange on the exhaust to mount the turbo
-find a way to mate it to your down pipe
-set up vac lines to the wastegate to regulate boost
-run oil and coolant lines to the turbo
-drill a hole in the block for the oil return line
At 2 pounds I would expect somewhere between 8 and 16 gained horsepower. You can do more than 2 pounds, but I would't go any further than 4
My opinion is if you're gonna do all that, you might as well throw in some forged rods and pistons, better valves, and go for 10. But at that point you might start having tranny issues.
Basically turboing is very feasible, but there's alot to consider.