You're going to need to ditch the stock computer to get over 300hp reliably, and with any remotely decent fuel mileage and tuneability. The Megasquirt info thread on this site works extremely well for the VG as most of the wiring is the same for it and the l28et. I ran megasquirt n' spark with much success on my '84 300zx turbo. I also have free access to a dyno, so it all worked out.
How much boost? I ran 18psi, making 390rwhp, and 440rwtq on some shitty, unresurfaced heads that were leaking coolant into the combustion chambers. I had hit 22psi in some brief dyno pulls, but the car was very hard to tune at that level because of the leaky chambers.
There are a handful of people running over 20psi all day long.
You are also going to need alot of fuel. I had shitty DSM 450cc's at 45 psi base pressure. I hit 100% duty cycle (I ran out of fuel, basically) at about 22 psi. I should have just gotten some 800cc injectors.