The turbo mounts onto the exhaust manifold so it is possible a heat shield could hide it but generally engine covers dont cover the exhaust. You can run a very low boost say 5-6psi on a non intercooled turbo system and slowly add more parts to it, this will reduce initial outlay but the most important thing is understanding the need to lower compression if you plan on running higher boost for more power, either with a head spacer or go old school and get low compression pistons but the dollars go up then.

There are many paths to a build, start slow and keep the boost low and you could get out of it real cheap, but if you want power then be prepared to open your wallet... a lot