I'm hardly the expert but can give you some general ideas. Get yourself a copy of hugh mcinnes' definitive book on turbocharging. Although some of the info is dated, the physics isn't. After all, gravity's been around a long time and hasn't changed all that much. 7 lbs is about 1/2 atmosphere and rule of thumb means about a 50% increase in "displacement". So your 304 becomes roughly a 450 c.I. Under full boost. Sorta. If you take the time to work through one of mcinnes' examples - he provides a step-by-step example of where the formulas come from and why - you'll soon figure out what you need and simply transfer the results to a modern turbo. If you go carb, you'll need a turbo with a seal on the compressor side.
You are right these are slow turning engines. When I calculated the flow for my 196 at around 4,000 rpm I discovered it was equal to the flow of a 164 c.I. Corvair corsa turbo I had when spinning at 5,500 rpm. The point in this is that one cannot assume the needs of an IH 304 would equate with those of a Chevy or Ford of comparable displacement. They breathe better and easily turn a whole lot faster, necessitating a turbo with larger capacity. We ain't got that going for us. Anyway, start there and see what you are getting into before slapping something on and pointlessly blowing up an engine.