it would be easier to convert it to a turbo 5m. you just need to swap the manifold, add the turbo, piping, intercooler if desired, add a fuel pump booster, maybe bigger injectors, and a few other smaller things.
to swap in a 7m-gte motor, you need to play with motor mounts, wiring harness, sensors and ecus, tranny tunnel, and the list goes on.
both are possible, and both have been done.
it depends what your final goals are, how much time you have, how much money you wanna spend, and how much HP you need!
the 5m-turbo could net you the original 150hp from factory, plus 10hp for each psi, which safely you could maybe go for 5 or 6psi, so you would be a little over 200hp.
the 7m, on the other hand, could be built from the ground up, starting with 230hp, adding some or all of the go-fast goodies, and be capable of 400hp easily still sticking with the toyota ecu.
swapping that out for a standalone, and you could get up to 800hp or more. good luck keeping that much hp on this planet, 'cause you will be piloting that supra, not driving it!
after that, you can still add NOS, but comon, when is enough enough?
Of course, higher HP does mean shorter engine life. they are inversley proportional. you have to consider that in your equations as well.
a 5m-turbo at 200hp will last forever, as will a 7m at 300hp. anything above that will eventually blow up!