An intercooler reduces the thermal load on the engine and increases engine efficiency by helping the delivery of more air (oxygen) to it. Both as a result of delivering cooler air.
Don't know specifically about the Z31 engine, but others can run 15psi boost without an intercooler. But, as a rule of thumb, around 15 psi is the limit as far as efficiency and engine safety are concerned. Depends a lot on the engine design, ambient temperature, fuel, engine management system efficiency, etc.
The best part about running high boost is that kick you get when the turbo spools up from zero to big boost in a split second