The short block itself can safely handle 150-175 h.p. without any problems provided your tune-up is correct and your fuel system will keep up. I've seen 300 h.p. sprayed a stock bottom-end LT-1 and hang in there for a surprising amount of time, but I wouldn't recommend it. Ring end gap is one of the biggest factors when spraying on hypereutectic pistons. Hypereutectic pistons retain a lot of heat, and require wider-than-normal ring gaps when used with nitrous because of the heat/expansion factor. Also, detonation on the bottle will quickly destroy hypereutectic pistons, so make sure you use plenty of fuel octane and remove a generous amount of timing to keep it safe.
Here's your other limiting factors with your specific combination:
1) The 1-piece rear main seal block is generally reliable up to the 550-600 h.p. range, maybe a bit more with billet caps and proper block prep. With nitrous, you're going to be right on the edge of the long-term reliability of that block. I've seen many crack in the lifter valley area as the casting is typically very thin there compared to earlier blocks.
2) The RPM Air Gap is a great intake, but you generally don't want to go much over 150 h.p. of N2O with a dual-plane manifold. You can run into distribution issues between cylinders with a large plate system on a dual plane intake.
3) The cam isn't a nitrous grind with it's 108 lobe separation. That's not a big problem, as 150 h.p. systems work really well with a cam on a 108, but you'll find that you'll usually gain very little in actual performance if you spray much over 150-175 h.p. with a 108 cam. It also looks like you have a single-pattern grind, which will limit performance improvements with nitrous. Nitrous likes everything bigger on the exhaust side of the engine, typically with a 10-14 degree spread between the intake and exhaust duration.
I'm not knocking your combo... your car should run very well on the motor and respond well to a 150 h.p. system. Just stay conservative on the tune-up and don't get greedy with the h.p. setting in the plate and you'll be fine.
