I think many guys have stated that a turbo option on a 3rd gen is doable but it is much more practical to super charge it. You definitely would have tons of help on this forum if you do the SC option where as your turbo build would put you out there with limited help and support .

Not sure how much weight you want to tow with your 3rd gen but I wouldn't tow much with this thing even with a SC. These vehicles just were not designed to tow very much and their stated 5,000 lbs tow rating is a joke unless it is on flat terrain or down hill. My 5th gen is much better towing but I still don't like it. The 3rd gen will need a transmission cooler, bigger better radiator and bigger brakes to start if towing alot.