turbocharging your engine(1600 or 2007) is a bad idea if u seek drivability, first of all you'll suffer from fuel economy because i assume you will drawthru it, and if you blowthru it it will help the mpg a bit but your pocket will suffer then, but don't expect a large improvment in it even with blowthru...
second, you can kiss highway speed goodbye, that's about +70mph, and the only thing that could help this is to pick a bigger turbo, and then ofcourse you will suffer the lag at lower rpm range...
turbo is a tricky project to build, and recuires a lot of planning before buying the parts, or you'll end up frying your engine, but if you intend to run it on tracks only, then turbo is your best choise...
2007 is a good engine for street and track, and expect a lot of fun driving it, and you could even make some hondas smell your exhaust easily.
an ideal mild 2007 engine could make 125hp at the wheels while maintaining a great low end trq, and you could sqweez it up to 150hp but Sacrifice some of the low end...
i'm now changing my 1776 project for a torquey 2007, and still FI it, and will start building it as soon as i finish planning and saving some cash too(i'm a not a rich guy after all
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good luck in your project, keep us updated...