Along with the other posts above, its been done a thousand times, and yes, you'll need a budget for it! Here's my scoop after doing this to my 6MGE a long while back, its quite easy to do:
exhaust manifold from 7mgte
ct26 turbo
Oil return lines needed for turbo, they go to the oil pan (return line) and oil filter mount that allows you to tap into the filtered-side (feed line to turbo).
RRFPR (research this site for which ones work well, I had a Vortech iirc, don't recall the rate of rise though)
intercooler, recommended but not necessary, although you really should have one to keep charge temp down
custom exhaust from turbo.
boost gauge, another not really required but good to see what's going on
blow off valve
a/f wideband gauge and O2 sensor, definitely required if you want to keep that engine healthy
While its not a ton of stuff, this will cost you at least 2 to 3 grand to do properly. There's a lot of little stuff you need, such as gaskets and a custom exhaust plate for the ct26 exhaust side so you can weld up an exhaust system to it. The ecu will work with a turbocharged application, but it runs the system in open loop mode, meaning that there's no input data from the intake's MAF once it exceeds the flapper door's resistance. It then just uses the oem's O2 sensor, water temp and throttle position to adjust timing and fuel rate.
Now, for this to work correctly for the long term, you'll need to upgrade tons of stuff like ARP head studs and other items, and you can't just beat on it like its a drift car all day long. If you want the car to really last, I suggest not doing the turbo and just enjoying the car the way it is. And if its in good shape, it'll be worth a hell of a lot more bone-stock than it will be with all sorts of stuff added to it!