I think I have already given you my opinions but I'll make them public since you posted.

Intercooler great idea but 1500+ is a bit of cash to drop on something that is probably only going to get you .2 to .4 smaller pulley size which is about 2 to 4 lbs of boost which is about 20-30 horsepower (but a lot more torque).

Cam More lift and more duration will give you more power (to the tune of up to 50horsepower) while also allowing you to drop pulley sizes (.2 to .4) so you would get the gain from the cam and from the smaller pulley while also having a broader power band.

Gen V Blower Easiest of the 3 to do, you will probably gain 30-40 horsepower from it.

At some point if you continue on the mod path your gen 3 blower will become the restriction as it loses efficiency fast and you are spending more horsepower to spin it faster that gains you will get back so the Gen V makes very good sense to gain power now and make more power with mods later. A cam would be my second choice with the I/C being last as a way to eek the most out of the setup. At some point you have to be able to process the boost efficiently and the only way thats going to happen is with a cam and a good set of heads. No point in trying to get 20 gallons of crap into a 5 gallon bucket.

Just my .2

OK, I have decided if I do anything this winter it will be the Gen V.

I have to pull the engine in my Formula and do a cam change and general freshening up, so this should keep my fingers in the oil so to speak. Rear main seal is leaking like a sieve right now. :(

As Rogue says the Gen V will be easy and I want to freshen up the top end gaskets anyway.

Rogue - get me that quote for shipping with the install kit.