nobody can say "you would have more fun" this or that, everyone has their own personal preference, which is why fun debates happen.
300whp in a 3k lb car i imagine would be tons of fun to drive, ive driven my buddies wrx->sti conversion, hes making about 310 to the wheels, and its a blast to drive, but i know the car can be faster and be an even bigger adrenaline rush (for me, and for him) which is why he is still seeking more HP, and im all for him going for it.
i personally LIKE the sudden launch and incredible power increase you get with a turbocharged motor, the sound of the turbo screaming as your car goes hurtling down the road or twisties. Luckily i have an SE, so the most logical route for me is to NA->T conversion. it also helps that im a certified welder and work in a fabrication shop where i can pretty much make whatever crazy crap i feel like.
But on the note of DE in an s12, ITB i imagine would sound SICK, if i still had my old XE, that might actually be something id wanna do. i wouldnt mind a high HP boosted car, and a lower HP light weight car for DD and just screwing around. i had seen a 2X0z that was turbo'd with ITB, some crazy plenum design, with the TB inside the sealed plenum to keep pressure in.