Right, I'm going to chip in my two penneth worth here.
I'm with Ed, I think the law of diminishing returns will kick in way below 150hp for N/A. That said, I still think N/A is the way to go.
Engine transplants, while impressive on paper, are too much work to be honest. Bear in mind the CG is an all-alloy block, whereas the SR is at least partially iron, iirc it is something like 40 kilos heavier, which can't be good for handling. Also, alot of electrical work is required. I'm in the first year of an Meng in electronics and electrical engineering, and I can't honestly say that most people would get it spot on- I've had brief looks into it, and short of pulling out the entire loom and bunging a donor one in, there's a lot to go wrong. That said, spliced properly it could work. Then you get onto mounts, driveshafts, possible chassis modification etc, and thats only the beginning. Also the change from 1.3 to 1.6/2.0 litre in one go, coupled with the changes in handling, can be a very dangerous jump.
Turbo/supercharging (why supercharging, so much more work) seems a good way to go, and honestly, if I had £4000+ to spend, along with alot of expertise on tap (the old adage; If you have to ask how to do it, don't bother doing it is particulary apt here) I would give it a shot, again it is alot of very complex, involved work. Again massive amounts of wiring/remapping (especially the latter) are required.
So, this leaves the N/A route. Likewise, this gets expensive quickly (once again remaps etc are required quickly), and it can get very complex. That said, it can be a nice progressive project, gradually increasing the power a little at a time...
Please note that the above is mostly my opinions, thoughts and insights I have gained (recommended reading: Fundamentals of Motor Vehicle Technology) here and elsewhere, and as such may well be complete and utter ########. No gains guaranteed or inferred. Your mileage may vary. Batteries not included.