You need to do a ton more research. Why are you aiming so high? Have you ever felt 300 whp on a street car?

Without some great tuning, running stock sleeves and 500 whp is going to be a disaster, not to mention everything else that wasn't mentioned, like a full race suspension, axle upgrades, motor mounts, fuel system upgrades, an efficient exhaust system, etc, etc, etc.

Just because a magazine with plenty of money, research and development can pump 500+ horsepower out of a primarily stock B16 with a large turbo doesn't mean anything to someone just starting out without proper knowledge of how it all works together.