the turbo is all the power when talking about a stock GN motor.
I ran 11.60's@114mph without locking up the TC with a stockish motor (small cam/home ported heads) and stock turbo with decent FMIC. With more tuning and locking up the torque convertor it should've gone 11.30's or faster @2810lbs.
Add $40 valvesprings, front mount intercooler (FMIC), 57lb high impedance injectors (no ECM mod needed), 3" downpipe, quality chip for 100 octane+ (these motors really wake up when you turn up the boost past 25psi on a larger than stock turbo), and finally a larger turbo.
Friends car with 90K+ mile stock motor with $40 upgraded springs, 50lb MSD injectors, 21* chip, 100 octane (2 gallons of 116 to be safe), 29psi!!!!, PTE FMIC, TE-64 turbo, 3" downpipe made 526rwhp/658rwtq. He has been running in this state for nearly 4 years and has probably 200passes at the strip with this combo. He only in the past 2 years has been running 25psi+ with no ill effects. It is all in the tune and no knock.
That Chevette will fly.... but you should look for something else IMO. http://www.turbobuicks.com has a hybrid section with GN powered cars..... some very fast ones too.
-GNX7