4 digit HP is possible on old iron with turbos. A turbo that adds more pressure as the rpm goes up is easier on parts than a NA engine or a N02 hit.
As always, the ability to go fast is dictated by the thickness of your wallet.
The combo of a big engine in a light car is the first basic approach that should be taken. If a big engine is out of the question or you just want to do a small block (strokes or not) then the next expense is stable high RPM.