This depends mostly on what you want. I don't think you're buying it for gas mileage so... if bang for the buck is what you want why not just build a tough big block, whatever heads and goodies, nitrous cam and juice it? It's time as much as anything with a 5.3 swap.
People have different opinions, I personally don't have the turbo appeal anymore as I used to. I guess some people like that, seems like a waste of time to me.
... think about it this way, there's a lot of cars and trucks running at the drags and I've yet to see a 5.3ls run a real fast time all motor. Mostly because they came in trucks, but still. It's not worth it. Even if the engine is 500$. You can find a big block for a little over 500$. Or a good running 350. For the amount of money it would take to swap that 5.3, you can have that bb running pretty good, or make the 350 really strong. For the amount of money it would take to turbo and make 700hp off the 5.3 for 5k$ +. You can build that bb up and hit it with nitrous for 900hp. And yes I'm just throwing numbers out here but you get the idea. And if you wanted to buy a 6.0/6.2L later then you'd have to start again with the computer and harness and fitment etc etc. It's not as easy as it sounds. Especially in a car not made for it (i.e. not a GM truck frame)
Theres a reason why 5.3's go for so cheap, just like 350s. Theres a reason why you gotta pay extra for a 6.0, or 383, or 400, bb, etc
I like to think of the 5.3 as the ls engine's equivalent of the 350. They're everywhere and it does its job and lasts a long time. When in a car it does well and can make some serious power. But the problem here is your car isn't made for it. Why would you spend all that time and money to have the exact same power as a 350. It won't get that much better mileage. Turbo and 5 grand in a 350 can make 700hp too.