Yes, it would matter. Cubic inches still rule and a modern version of the 428 CJ or Boss 429 with 4 valve heads would be ridiculous even in NA form. If a guy was completely off his rocker (like me) he could twin turbo that and make well over 1000 HP with very little effort.
Same goes for a turbocharged 5.0. If it can make 500hp n/a, then it should make 1000 hp with 14 psi