I have been an STS dealer since 2003 (when they started), so I have some first hand knowledge and real experience with them. Lag is directly proportional to the turbo sizing. Putting a huge turbo behind a 4 cylinder is going to yield you lag. The distance/length of the pipe from the intake is no different than the amount required to run and intercooler on one. None of the cars we have installed STS kits on have had any lag.
With said, if you intend to Turbo a carb'd motor you better have a good understanding of how they work. If that is your intention a bolt on supercharger is a better idea, as it makes it easy to put it on and make power.
As for twin turbo'ing for 5lbs, I would agree with roadrage41, that would be a waste of money and time.