I'm picking up my T5 motor tomorrow...
If you're planning on fitting one, do yourself a favour and swap in a 360 drivetrain - bellhousing adaptors are then available off the shelf.
Bear in mind that if you spend the time needed to fit a T5 lump on tuning a B230 turbo (from a 740/760/940....which pretty much drops right in), you'll probably go just as fast...but it won't sound as good! Depends on whether you want an easy build, or the kudos of having a T5 lump. The T5 is limited to about 330bhp unless you put a set of rods in it (whereas a late B230 is good to ~400), however it's easier to get to 330bhp than the B230....if that makes sense!
In other words, the B230 is easier to fit, has a stronger bottom end, but you have to do a fair bit of work to free the power up.
The T5 lump is harder to fit (although far from impossible!), will make more power with 'bolt ons', but if you want more than around 330bhp, it starts to get expensive. Swings and roundabouts, in a way.
cheers
James