Can be done, but not cheaply. Pistons and rods aren't as strong as those in the 'four, and it runs a considerably higher compression ratio. You would need a piggyback ecu, because as far as I'm aware (but may be wrong) most NA ecu's are only mapped up to 1 bar absolute pressure (regular atmospheric pressure, or 0 psi) as it would never see positive pressure.
I would imagine that it if it ever saw boost it would just ramp up the fueling, much like the st165/85 once you go past ~12 psi as a safeguard. And the gt4 does use the 02 sensor for fueling, when under boost or accelerating it uses the afm for fueling, but uses the 02 sensor when cruising, eg on the highway at a constant speed.
I think your best bet would be to but a 3sgte and trans out of an mr2, and it should all bolt up, there is a small mod for the gear select levers, other than that it should bolt straight up.