There are many ways to get where you want to be. None of them are truely wrong. A lot depends on how much racing you plan on doing, and what type of racing. Are you looking at running brackets with NHRA, or just going to friday night at the drags and match racing? Do you plan on racing every weekend, or just a few times during the summer?
You WILL want a Rad. 01's and 02's are dogs off the line with out them. It's not only the 60' times but how well the truck initially reacts off the line, which will affect your reaction times. Just make sure you beef up the drive train to handle hard launches. Make sure your "local shop" is up to building a race trans. If they don't have much exerience building 47RE's for racing you will be better off in the long run having a company that does build the trans for you.
If you plan on racing a lot, then my advice to you is to plan a head to end up with a set of twins. If you can't afford them now, purchase a single turbo that will work great as a top turbo. Such as a 62/71/14. IMO twins are way more streetable for the same amount of air flow, and a lot more reliable. I would have saved a lot of money, by going right to twins.
I prefer to go oversized on the injectors and then turn the electronics down. My truck runs much more consistient that way. The most consistient my truck has ever been was running a drag comp on 4x5, and F1 Mach 6's. I've won more races with the combination then any other.
Paul