Snorman,
First try doing a search on the subject, you will see it has been covered many times.
Second, most of what has been said on this thread is not correct and I say again most, not all.
You can run a 75hp shot real safe with the proper chip. The proper chip will take out a little timing as you do with all cars running nitrous. To insure its runs safe make sure you have a good fuel pump because if you run out of fuel it will denote and that will hurt the motor. I would recommend a upgraded fuel pump for insurance (walbro 340) as you should when you increase hp through any upgrades (nitrous, turbos, intercoolers, headwork, cams, and etc.) Fuel pressure gauge would be nice to comfirm pump is working good. Also knock gauge to monitor knocking.
I like the NOS nitrous system (definitely go wet) but they usually send them out with the fuel jet on the rich side(safety), so once you tune it you can lean it out and reap more hp. My experince has been about a gas jet 2 sizes smaller.
Your stock computer can handle the nitrous with no problem and you do not need to go to a fast setup unless you want 2 or more stage of nitrous and you want the fast setup to control the activation.
As for timing I would recommend retarding timing 1-2 degrees from stock on pump gas and a good after market street chip with race gas. You will notice an increase of boost with the nitrous. So if you have boost set to 19 without nitrous, you will see it jump to 20 maybe 21 with the nitrous.Boltfed has a mostly stock Gn with 130000 mile motor, stock turbo, stock intercooler, had 30lb injectors, and stock convertor & tranny. His had lighten is car but with stock body was running 12.2s for years and no freshening. He has lighten (removing a/c, interior, and other stuff) with same motor and 75hp shot and has run mid 11's. Oh did I mention he runs nitrous and has been for 10 years on the same motor and probably 2-3 THOUSAND TIMES and no engine or tranny problems.
Something to consider is that a nitrous kit will cost about 550 (new)- 250 (used) for the kit, about 35-40 to fill the bottle, Bottle will last about 25-30 runs set at 75hp, and on a stock or mostly stock GN running mid 13's with GOOD tires (et streets Drag Radials, or hoosiers) will run 12.3- 12.5.
Now what would it cost you to get that same Gn to drop a second to second and half. Now I sure someone will say it does not take all much to gain a second to second & half but the average car will take Turbo 900(new)-600(used), intercooler 1000(new)-600(used), torque converter 600(new), injectors 300 (new), exhaust or lack of it 500.
I know most of the races I get into I don't need the nitrous and the times I do probably number 20-30 year, so nitrous cost me about 40 a year. If you really like the nitrous I would consider a nitrous controller which would bring it in at a percentage over a second. What I usual do is take off from the line (just get the tires turning without the nitrous) then hit the nitrous other wise hitting right off the line I get to much spinning.
Chuck