Yes, it is completely possible and it has been done. Go to
www.turbod16.com and there are quite a few people that have it and have been boosting for a couple years with good results. I am not advocating it (I myself am swapping to manual before boosting), but a tranny cooler is really all you need for low boost. I did alot of research because that was the path I was going to take and most people agree that the cooler is the life savor. 8psi is possible without a torque converter, howerver that is pretty much the limit. Here are also things I have found out...
-The tranny is alot less able to take abuse so consistantly hard driving is really not recommended.
-Yes, you keep boost pressure at all times, however unless you shift yourself you may not build up any boost when you stomp because the gear has to take time to upshift itself, thus you really loose the takeoff.
-If you have the CVT tranny forget it as it's built for economic crusing so it will go quickly.
Other than that everything else is the same. I would figure it would be good for spirited driving but not reliable if you plan to stomp on it with the boys on Sat night.
All in all yes, you could do it with great results, however the longevity is the factor in how you run it. Remeber also that an auto will loose about 25=30% of what comes from the engine due to the auto so you will not get the numbers as a regular 5 speed. It's really not how much horsepower you get, it's what the tranny will end up accepting.