Start with Razor's Alky kit... It will allow you to run 20-26lbs of boost on a stock block with pump gas... Thats 50-80hp right there.
Second(really should be done at the same time) A turbo Tweak chip for the alcohol and 60lb injectors.(you can buy smaller injectors, but you really can buy them once and not have to worry until you're in the low 10s)
Third: Walbro fuel pump and hotiwre kit with ajustable fuel pressure regulator.
That group of things really should be done all at the same time. Your looking at about 1100$ and low 12s possibly. You can skip the alky kit(for now), but it's really the back bone to making power. I bet the car already has it but you also need a boost guage boost controller or HD waste gate.
Second group of things:
FULL exhaust: 3in Down pipe, Hooker 2.5 dual exhaust, High flow cat if you need one.
You should now be looking at High 11s on the right tires and 25lbs of boost.
Now is when you might start thinking about the turbo. The gt3255 like I have works great with your stock converter and is good for 520 crank hp. If you want to upgrade your converter then get a bigger turbo lke a gt6152.
At the same time I would look into a solid MAF pipe if you dont have one and alteast have a big K&N filter on the MAF.
All in all you're looking at 2-3000$ of stuff to get into low 11s high 10s but there is a lot you can do with the stock stuff if it's in good shape. If I put an alky kit on my setup I would be well into the deep 12s, with a down pipe and proper exhaust mid 11s.
Also once you hit around 500crank HP you have to start worrying about the engine eating itself. You will need a block girdle. The engine has to come out for this, and if the engine is out you might as well do a rebuild with a cam and head work... There is a reason why most of the guys either have 400rwhp or 600+rwhp... I have not seen a lot in between because at the 450+rwph level the engine needs to get girdled and most guys do a performance build while the engine is out.
Im currently in the process of getting out of turbo buicks to go back into off road racing... these cars are money pits. They are rewarding money pits, just not my cup of tea any more. Definately a fun car, and it will become an obsession... also a cobra doesnt get 1/4 the attention this car will get you... I get thumbs up all the time, and it takes me 30min just to fill up... Hell I get more attention in this than on the chopper I built.