Talk about a can of worms! Start with the basics:
You can get around 250-275 horsepower depending. Unfortunately Nissan designs their engines with very little extra fuel capacity. By now you're out of fuel and your turbo is being run hard and making more heat than power. Nothing you can do at this stage(except for nitrous) will make any significant amount of extra power until you have upgraded everything(turbo, IC, fuel).
You need money next. More fuel capacity, more turbo capacity, and an intercooler. Which to do first? Whichever you want! The turbo would probably give more power alone than an intercooler. More fuel requires bigger injectors and something to run those bigger injectors.
Your only other choice is a programmable engine management system. Ranging from cheap at under $1k to expesive at $5k or more for a fully optioned MOTEC system, you can get whatever you want. Installation and tuning are beyond the scope of this web site, and if you need info now then this is not the option for you.
Once you outgrow the 420cc/min injectors(they will do over 400hp at the wheels) you can spend $100 a pop on bigger drop-in injectors or you can make your own fuel rails and use domestic o-ring injectors that are readily available in sizes up to 1600cc/min. Just ream out the injector holes and make the o-ring rails. Fuel rail stock is readily available from any fuel injection shop(kinsler, electromotive, AZ speed & marine, etc).
Is any intercooler better than no intercooler? NO! An undersized intercooler can easily create enough pressure drop such that the additional exhaust backpressure will more than negate any gains from the slightly cooler air.
The best way to go is to buy a good intercooler and make your own plumbing. 2.5 inch steel mandrel bends are $20 each from Summit. Just cut them up and weld away.
t3/t4 simply means a turbo with a t3 turbine and a t4 compressor. There is nothing magical about this. There are 4 t3 turbines and 4 t3 turbine housings. There are dozens of t4 compressors and housings. Do the math and note that "t3/t4" includes hundreds of combinations. Add in tricks like putting a t4 turbine in a t3 housing, clipped turbines, etc, etc. and you have thousands of possible combinations.
Turbo of choice for your vg engine will be a mid-sized t4. But the t3 and t4 bolt patterns are different, so how do you mount a t4 on your vg engine without the cost and effort of making your own manifolds? Simply have a t3 turbine housing bored out to fit the t4 turbine of your choice. Any competent turbo vendor can do this, run away if they say that this can't be done. This will almost require an external wastegate because of the size of the turbine - simply get/make a blank t3 outlet flange and use the internal wastegate hole for your external wastegate. Easy!
The Nissan turbine housing's wastegate bolt pattern is different from the standard Garrett pattern, so if you use the Nissan turbine housing then you have to use the Nissan wastegate or make your own. If you use a Garrett turbine housing then you cannot use the Nissan wastegate.
To upgrade to a t3 frame turbo from the t2 frame used on 88-89 models you will need the t3 oil line, t3 wastegate, t3 water lines, t3 inlet pipe, and the t3 turbo-throttle pipe. Then just bolt it in.
With some creative cutting and welding on the driver's side engine mount bracket you can get a straight-line shot into the compressor and ditch the very restrictive stock inlet elbow.
The engine is plenty strong. A stock engine in good condition will easily support well over 400 horsepower with proper tuning(ie. don't let it knock!). A set of quality pistons will enable your otherwise stock engine to safely support 500+ horsepower with proper tuning.
If you're going to build an engine, do it right. Start with a vg33 to get the extra 10% displacement over a vg30 and you'll have 10% more power for free! Good pistons to lower the 9:1 vg33 compression ratio and good cams to replace the low-speed cam grind used in trucks and you've got a pretty good engine. Rebello, Sunbelt, and Malvern racing all build wonderfull Nissan engines, expect to pay around $5k for a basic high-quality reliable streetable engine.
Note that turbocharged engines have vastly different camshaft requirements compared to non-turbo engine due to the high exhaust backpressure and much higher pressures at the intake ports. JWT makes some very nice(and expensive!) turbo cams, as do Web, Isky, etc. Skip the lopey cams intended for a non-turbo on your car and make sure you get some turbo cams.