You can make about 400whp on E30 with stock fueling. It will vary based on a bunch of factors. That's probably on the edge though. I made 381whp on E30 in very poor conditions, tried to bump to E40 and the rail pressure plummeted. In cooler temps I'd probably lose pressure on E35. That doesn't give you any margin for error on the blend.
If you move more air than an IS38, you will need to address the fuel system in some way to run E30.
91 sucks pretty badly, so E30 is probably better, but you won't be able to fuel all the air the turbo can provide. On the flip side, you can fuel a lot more air on gasoline, but with 91 it's not going to take any timing.
The HPFP has drawbacks, but there are IS38 guys running full E85 with just a $400 HPFP. That mod would allow you to use the potential of the turbo with enough octane to put some timing in the car. Running high boost with low octane is dangerous, even if you keep the timing low. There's just not a large margin for error. Personally id rather have the octane and the timing, and keep the boost lower if you run out of fuel pump. Keep an eye on it though, when you hit the pump limits rail pressure goes down FAST.