Turbo is the more popular way to go but I would argue about it being the most cost efficient if u are not going for power. I only have experience with an Eaton conversion though so that is what I am gonna focus on. In my G40 I was running an Eaton M45 with a stock engine and stock map (don't do that) and wasn't bad at all! 2 weeks ago I rebuilt the engine and everything came out in perfect condition. I was running the car like this for 5 years (80.000 km) and was making 143hp at the crank at 1,2 to 1,3 bars. It was leaning out in high rpm but not enough to cause damage to the engine. It cost me around €700 including the charger. It may not had been perfect and didn't have great high end power but was really nice mid range and fast enough. (now its in my Arosa waiting for some parts and we ll see how much more hp I can squeeze out of it with stock pistons)
The noise I believe is something personal, for me 2 to 3 hours of it a day with the combination of my loud exhaust was nothing. But 4 to 5 hours in a long trip, it was starting to wear out my ears.
For parts, if u go turbo you will probably need turbo, exhaust manifold, downpipe, intercooler, cam, map and pipework when for a bit less you can go the Eaton route with charger, pullies (6pk ones from later models are at the cost of chips), tensioner, belt, brackets, intercooler, map and pipework! (for my old setup I used the original intercooler to keep everything looking original).
Ps. I believe the M62 is kind of big for the engine.