old ls

ok lets say that after i do my compression check if it all turns out ok my car is a 94 ls Auto which is what worries me i was thinking about 8psi daily driven would that be a safe load on a stock torque converter???Also anyone know where i could get a good turbo setup for aroun $2.5K??? cause i'll be getting aroun $1700 for tax return and am hoping to put it to a turbo kit but if not feesible i'll have to get rims and a system.