I know that a H/C/I will cost every bit of the 1500, so that means you are going to be running the stock exhaust, stock 2.73 gears, stock tires and stock air box. Thats not going to be pretty.
We start with 3.73's stock.
boost valve to run 20psi $5-45
3" exhaust, $300
K&N on VAM $50
NPR intercooler $200
home port head and intake (very well documented procedure) $50 including tools
tires $400
nitrous $500
holset turbo $250
exhaust manifold $250
That brings it to $2000 Should be good for 300-350rwhp without nitrous. Then, you can spray it to 450-500hp which is about the same limit as the stock 5.0 short block will have.
http://www.turboford.org/faq/ta.shtml
Not much done that that svo. Aside from the overly expensive vortec intercooler, it is well under the budge. Use an NPR or something else istead of the vortec, and it would be WAY under budget.