650whp on 94 octane pump premium will take a hogged out head, big cams, and a big ass turbo that will not likely be as responsive as you'd prefer. 71mm+ typically. GT4094R's are a bit too small on the hotside to run happily at high RPM on a Supra. The GTX4088R does way better with less lag as does the GTX4294R if you need more HP. The GT4094R would likely do great and be reliable on a tubular manifold and E85 but it'll be lazy for the HP produced vs other turbo options, but it'll choke at high HP/boost/revs vs a GT4294R and the 4294 likely wouldn't have that much more lag at all. A 4094R is a better match for a 2.2-2.4L 4 cyl looking for 94R levels of HP.
For road racing you really need to consider the limitations of your tire & suspension configuration because 650whp is a shitload for a track oriented RWD car.
$ to $, if you don't have a badass cooling, suspension, brake, and tire package I'd spend the money there first before HP. A properly prepared BPU car with lots of grip and lots of brake will smoke most other Supras on a road course.
Assuming you've got full custom Penske's and a quality BBK on all four corners and you've stuffed as much of the stickiest tires possible fat ass tires under the car (315's or 335's out back and 285+ up front) and you're planning on an engine management system with a *good* traction control system that can run off the ABS sensors, then we're maybe ready for 650whp on a track.
For the manifold I'd skip the tubular options for hard track use and instead go for a SPA turbo cast manifold, set up for a V-band wastegate.
Joutterbridge nailed it on turbo selection - I'd go for a 6266 Gen 2 or GTX3582R Gen 2. You'll get a lot more out of responsive HP under the curve on most road courses vs peak power above 4500rpm.
I'd go to a VVTi head, GSC S1 cams, 4in DP/MP, and a top shelf ECU that has good traction control features and top shelf injectors to match. You will make mid-500's on pump gas easily with the possibility of more HP depending on how the Gen II options do and the turbine housing size you choose. 700+ would be available on E85 or race gas with outstanding response to match.
To that end, I'd strongly recommend against going above 500whp if you don't have all of the footwork/brakes/tires etc sorted out to the max. If you're tired of the stock twins and need some more HP, that is easily done with the SPA manifold and either of the turbos mentioned without sacrificing response. On a road course, that kind of configuration properly tuned at ~500whp will annihilate a 650-750whp combo with more lag and no traction control on virtually every track in North America.