Heads&Cam or Force Induction
What mods do you have already? And what sort of new motor?
Running a mild boost setup will only yeild a little more HP than a good h/c setup but cost way more. Generally you won't need as many bolt ons for FI but a built motor is a requirement if you really intend to push the performance envelope.
Reliability is 6 of one and half a dozen of the other. High revs from h/c can be a PITA but detonation and other issues are more problomatic with boost.
Also remember if you plan on BIG HP you will also need all the supporting mods, brakes, suspension, chassis, built rear, built tranny, etc.
Best thing to do is set a budget and setup some initial goals. Then do some research and see whats possible and what isn't. And alter your budget and goals as you go.
Not saying its, bad (I would love a procharger), but it's not for the faint of heart either!
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480rwhp - no chance, not on a 346ci and not on a Mustang Dyno corrected to SAE.
Don't pee on their parade. Patrick G made 48X/47X with the CheaTR setup or TRak....I don't remember.

480rwhp Dynojet would be in the region of 449rwhp on a Mustang Dyno.
As for peeing on there parade - nah, I intend to get the MS4 and PRC LS6 heads myself. However if memory serves TSP showed some dyno results for the setup (~480rwhp) but it was on a 05 GTO, so a LS2 not LS1.
480 / 6 litres = 80bhp per litre specific output.
On a LS1:
80 x 5.7 litres = 456rwhp
I say throw a set of 317 heads on the car to lower compression, get a custom turbo or supercharger (which ever you choose) cam, and then go with something like a D1SC. Once you get things like the fuel system and driveline straightened out, turn up the boost and make 600+hp all day long.
I made 513rwhp and 457 rwtq with my H/C setup.
H/C with every bolt-on is about the same cost as a procharger.
I love my ungodly sounding H/C setup.... Sounds like good ol' fashioned American Muscle!
On a budget, heads and cam.
Disposable income, Procharger and the supporting cast (5 digits easily-just to get started).
Just my opinion after being in the FI game for almost 2 years.






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