for that cheap how can you argue
probably best getting the 6 in and running good first
3.8L of engine will be very nice in a 720, even if it is a rusty old pre ecotec boat anchor
see how it handles that first, id reckon your diff will need a swap, something nice and with cheap LSD, some nicer brakes would be handy too. i dunno much about that, if you find any bolt on upgrades let me know!
swapping in the 6 will be fair cheap but if you want to boost it it will get expensive pretty quick. you'll need forged internals and a decent build if you want the engine to work - already theres a few grand, more if you want it done properly. you might get away cheap for the turbos, but even some old T25's will cost you at least 700 or so for the pair, 1k+ for fresh rebuilt jobs. then there's management, im not sure if theres enough scope for tuning with the delco. if you could get away with that itd probably be the cheapest way out, otherwise you're looking at 1k+ to get management and tune it. FMIC's are cheap which is nice, piping shouldnt be tricky, would be a good idea to look into how much stock commo gearboxes can handle, if later model boxes fit im sure you could find something strong enough for cheap though. clutch is another consideration when you boost it
best to be very careful when undertaking decent builds, make sure you know how much cash you'll need to get it done before you start. no use kidding yourself, it'll catch up with you later