This is not a cheap or easy way to go. You would be limited to low boost because of the bottom end. Also, turbos and carbs are a very picky thing and it is easy to get the tuning wrong and break stuff. Plus, fabricating all of that tubing, getting a MSD BTM (or equivalent) for spark retard, the exhaust work, etc would likely run you several thousand dollars unless you REALLY know what you are doing. It's not an EFI import where you can get an inexpensive manifold and maybe a used T-25 turbo, some junkyard injectors and a SAFC. Even in that case you can still have issues if you max out the MAF, or if the ECU can't read a negative MAP sensor reading. As for fuel efficiency, there is no free lunch there either. You will be using more fuel any time you make more power unless you are getting that power due to an improvement in the combustion efficiency of the engine. More air means more fuel. Simple as that. My Cutlass is more fuel efficient around town with my 355 combo than it was with the 231 V6 because I planned it to be efficient, but I also manipulated all of the variables. If you just want it to be a little quicker, change the rear gearing. I got my whole axle from a V6 Regal 4 door with the optional high altitude gearing for $60. It made a HUGE difference. I went from a 2.41 to a 3.23 and it became both more fuel efficient and quicker. I also run a .67 OD 4th TH200 4R, so it steps it down to a 2.16:1 in 4th, making it a win-win situation.
If you really want to learn about this, try looking up how to read a compressor efficiency map so that you can pick an appropriately sized turbo. Remember that too small a turbo will cost you power because it becomes a restriction, not an asset. It will spool quickly down low, but that is not where you need help. A stock example of this is the VW 1.8t with the KO3 turbo. Lots of low end, but the compressor rapidly looses efficiency as the RPM's go up. In fact, if you have GT4 for the PS2, try playing that car and wathc the boost gauge and you will see what happens.