The #2 guy on this list:
http://www.mr2ownersclub.com/quartermile/
Has the 5sfe engine (the NA motor) and is running 10s with a turbo (no NOS) on it, so it is possible.
The 4aeg engine is from the MKI mr2 and older corrollas... it is a low HP 4 cylinder.
There are a number of people who have installed a V6 into the MKII.