ummm...a b16 is going to be a bitch to get to that point. a GSR is a better choice. If not a GSR, go with a LS (b18a or b18b), a pnped b16 head, and gsr cams. about $2000-$2500 for pretty kick ass turbo platform (just make sure you switch out for ARP head studs).
Sleeved and bored with new pistons and rods (namely Eagle or Carillo rods with some forged 84mm pistons with about a -10cc - -11cc dish)
Couple that engine with something like a 60-1 or a T61 and youll be good for 500hp on that engine.