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I have to disagree with many of the comments in this thread. Lag is virtually nill with a properly set up turbo system. Turbo cars drive as well, if not better, around town than a NA type car that attempts to make anything close to the same hp/tq. Turbo cars do kick you in the keyster when you stand on the throttle. Turbocharging allows you to maintain great gas mileage, if you can keep your foot out of it. Turbo cars are much quieter, which to some is a good thing.
Regarding your questions, 8:1 comp is too low, IMO, for a street driven V8 turbo car. Most people run 8.5 to 9.5:1 for good off boost performance.
It's very important to size your turbo system to the engine you are going to use. If you run a giant turbo on a tiny engine, you will have lots of boost lag.
550 to 600 rwhp is the sweet spot for driving a turbo Cobra on the street, IMO, with good sticky tires. Much more than that is only good for the track or freeway. My car with a twin turbo 331 does 0-60 in 2.8 seconds (or less) on the street in that power range. The great thing about turbo cars is that you can adjust boost on the fly with an electronic boost controller, in case more power is called for.
Go to theturboforums.com for all the info you will need.
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