Yeah if you had a 94-95 donar car everything would swap rite over. You can't use an older T-5 because the input shaft is shorter. The rear end is also narrower on the fox body cars. The trans in the 96-98 will also fit but those are the T-45 trans and I believe those would just bolt rite up also.
As for the turbo, I can't answer that question with confidence because I've never had or used one. Personally I would take all that money and put heads, cam and intake on it with 70mm TB and 73mm C&L CAI and then have it all tuned.
You can't lose if you put God first!
1989 LX, 306 with TF top end kit, Anderson N-21 cam, TKO 600 trans with steel splatter shield,full Maximum Motorsports Mustang maximum Grip box, Detroit locker rear end with 31 spline Moser axles. Staggered wheels with Nitto 555 315/35/17 out back.