I wouldn't do it ... when I had an olds in our ski boat in the mid 90's, I put a 125 shot plate system on it ... had a lot of fun for about 2 weekends ... ended up bending a rod and cracking a piston. And that was only a 125 shot. The motor was a 455 mild build balanced with forged pistons, cam, intatke, 750 double pumper, oil restrictors, etc.
Again, there are other ways to get horsepower the right way, or build the bottom end for nitrous.
Just my .02
Brian