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"Should I buy a turbo or a supercharger?"
I ran an M45 for 6 years and then went to the boost upgrade and had that for one year. 3 months ago I purchased a used FMII. My car is a 1990. I used all 3 set ups as daily drivers. I would go directly to a turbo. I haven't even tweaked mine out yet and it is TONS faster than the supercharger with the big pulley and the full Jackson exhaust.
If cost is a big issue buy a used supercharger, but if you can I'd go right to an FMII. Remember too when you buy a supercharger you will want a $499 header and that comes with the FMII. Also with a supercharger you will need a $400 knock sensor that comes with the FMII but I don't think it is included with the supercharger , new kit. Just blew off a 5.0 Mustang this morning, a hot looking one from Missouri. He hid behind black windows while I was grinning ear to ear !
GET THE TURBO.