Grey Pony, This is a major mod... I would not recommend you tearing this car down and attempt this until you have done a lot of reading/ learning about turbo'd mustangs and other turbo'd cars. You need to learn how it all works. This car will end up sitting in pieces till it gets junked in a few years after you have wasted tons of money and still don't have it running.
This is a major job and until you have a good understanding I would just do some easier stuff. You can make it plenty fast with out all the work involved with doing a turbo set-up without the knowledge to do it.
Just a few things that you will need to do for the turbo set-up.
ECU will need reprogrammed too, exhaust, inter cooler(for best results), Head gasket for sure(block or heads should be o-ringed at this time), might want to upgrade the stock E-7 heads with some gt40's, injectors,fuel pump, at least a GT-40 intake, throttle body and mass air should be upgraded for air flow, hard pipes will need to be made too, might want to look into a beefier clutch or shift kit if an auto.... and don't forget that more power makes more heat so you will need a bigger radiator.
And of course you will need to get some real gauges cause you cant guess the boost or air fuel mixture, oil temp, a good accurate oil pressure and temp.
So do yourself a favor and get some of the things going on your car now so that in time when you are more experienced you can do the swap. You might want to upgrade the stock E-7 heads with some gt40's, injectors, fuel pump, at least a GT-40 intake, throttle body and mass air should be upgraded for air flow. Do a good exhaust on it and headers, if you have not done it already. It will be the best money spent for starters. Then work on getting air into the motor. Make it breathe good, going in and out.
You'll enjoy the car as you build it.... but start from the bottom and work your way up in stages...
Sorry to make it sound like you don't know much. But when you have to ask what you need to do a major project then you have not done your reading on what is involved and that means your not ready to do it.
But take your time and read a lot. There are write ups all over the net and different ways to build the car. Shoot for 300hp, be realistic for hp numbers. 300hp is still plenty quick to start out.
Good luck on what ever you do.
~Rich
