If you believe that an n/a 427ci engine has more "displacement" than a forced-induction 383ci engine, then you are making the classic mistake of focusing on just physical displacement. It's not how much displacement an engine has that is important, it is how efficiently the engine can fill up that displacement. Remember, an n/a 427ci engine has the potential to fill its cylinders with a volume equal to 427ci while a 383ci forced-induction engine @ 14.7psi has the potential for 766ci. The trick is, how effecient is each setup.
As for turbo lag, lag is what you make it. If someone turbos a 427ci V8 or even a 383ci V8 and has unbearable lag, then they did something wrong and cant just say its because of the turbo. You need to look at turbo lag the same way you would if someone took a small displacement V8 (remember the 302 SBC and Boss 302) and put 2.19" intake valves, high-lift/long-duration cam, heads that flow ungodly numbers and a 1000CFm carb on it. How responsive is that engine going to be? But GAWD, when it finally gets cooking...... Wait a second, that sounds just like turbo lag
BTW, when do you mean when you say the Mazda with the turbo was squirrely? The engine was squirrely (???) or the suspension? As for the 427 in the Z, throw a cam in it and a 100-shot for the rare occassion when you might need it, like when a pesky twin-turbo Viper rolls up next to you.