Stock for stock you'll smoke him no problem.
Include an engine rebuild along with the cost of your turbo, along with a driveline rebuild, custom exhaust setup, and a valvetrain upgrade. If the turbo kit alone is going to cost you $9000, I wouldn't be surprised if you eclipse your $20k mark. All that to run 11s or high 10s? Trust me when I say there are better, easier, and more cost efficient ways to do the same. But then again, nothing else can match the novelty of a turbo V8.
Oh, and you WILL be getting it dyno-tuned, that's a no brainer. You wouldn't be able to drive it otherwise, I'm sure.