My 2 cents is that low boost is relatively low risk. However, the work, component cost, engineering, fabrication, motor, power system, control system, etc get to be quite costly even with lower requirements of boost. With my type of set up the cost difference between 2-4 psi and going for 4-6 psi are not that different. You might be able to save a little on the battery side and the ESC side. I was originally trying to lower my requirements and thus lower my cost, and I still don't have a fully viable system yet (but I am getting close). But I have had a lot of fun, learned a lot, and am now the proud owner of a lathe.
There are a lot of other modifications you could do with the thousands it would likely take to develop a system. Make sure your alternator is kicking out good voltage and amperage and that your ignition system is strong. Check the compression. Make sure your fuel system is up to par. Possibly upgrade to a more free flowing air intake and exhaust system. Consider tuning your ECU or getting an aftermaket Engine Control Unit like the Holley Terminator which has harnesses for that LS engine.
The electrified boost journey is not for the feint of heart, but it has been a fun and rewarding learning journey for me.