Small Block V8 vs. Turbocharged Slant Six

Is this your daily driver? If so, I'd almost be tempted to go with the turbo set-up as there would probably be less down-time. Just mock up your components over many weekends or after class. The engine wouldn't have to move as it will always stay in the car. Plus, it's a turbo, what's not cool about that? And I'm pretty sure all of the JDM people in college would get a kick of a Dart going around the campus going, "Vrrroooooommmm... Pssssshhhhhh..."

It would be a lot less time consuming than getting a small block and a new transmission, pulling the slant 6, throwing the small block and transmission back in with the correct conversion parts, installing a new exhaust, etc.

However, IMO, the turbo way is going to be a more complicated build. You'll be chasing little gremlins here and there for awhile.