Nitrous will kill it... They already run too hot from the factory...
The 4.7L is well designed but poorly built from the factory. The oil flowback from the heads is not efficient which does not help the cooling. The valve seats have a tendency to dislodge from their location inflicting major damage to the valve train and pistons.
I have seen some folks put an Intake and blower and a Paxton turbo which has yielded some very good results.
You can have the lowdown and insight numbers of the engine right here :
Allpar.com - the Chrysler 4.7L
These guys have done the most extensive work on the 4.7L I have seen so far :
AirRam custom 4.7L single Plane intake mod and other improvements
All that being said, you will get the most bang for your buck with basic mods:
1. CAI (any will be an improvement)
2. The only headers for the 4.&L are shorties that fit the standard exhaust configuration so you don't sacrifice the CAT and O2 sensors (bee careful on oversizing the exhaust as this engine does get its low end torque from the back-pressure generated by the exhaust restriction. You could find yourself having a hard time getting the truck off with a loss of Low-end torque.)
3. Tuner.
More costly options are:
1. Ported heads (although, the standard factory heads already offer good airflow) so much $$$ for very little improvements
2. F&B throttle Body (wider than stock and worth it more than the ported heads)
3. Intake swap (does not have to be the single plane. The H/O intake can bring significant improvements without major engine modifications)
3. eFan (I have seen mixed comments on this one. Even though it does reduce the drag on the engine compared to a Clutched Fan, some have reported the eFan to not be as efficient in cooling as the standard fan. Since this engine is sensitive to heat, I have refrained from going down that path)
4. Underdrive pulley (not seen reports of significant improvements here)
5. Turbo (Paxton make one and have not found other specific to the 4.7L) (as for supercharger I have not found one specific for the 4.7L)
This is pretty much the bulk of the findings I have made through 8 months of research on the 4.7L.
I hope this is helpful to you in reaching your objective.