Major con is the engine really needs to be rebuilt with forged internals to handle the boost. You can probably run up to 8 psi safely without it blowing up. If it’s high mileage, like over 80,000 miles, you will be able to have fun with it for a little while. But expect to eventually have a blown engine running stock internals. Probably get about 30,000-40,000 miles on a stock boosted engine. Tuning is crucial to longevity as well. Also expect to have to do transmission work also being that it’s an old car.
The 2.2 stock block and internals are said to be able to hold about 250 HP before failure. There are some that have held higher maybe it was luck. IDK. You would definitely be looking at a low boost application. The only con I can really see is that it may cause premature failure of the engine, but the 2.2 L61 is cheap enough to replace if needed. If you have a manual the F23 transmission is pretty solid. I wouldn't really worry about it to much. They are also cheap to replace.
As for parts you can source all the parts need yourself or ZZP has kits they can get rather expensive, but they have supercharged or turbo options.
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Also when trying make more power you want to be able to put the power to the ground. You will probably want to upgrade mounts to avoid wheel hop. Over The Top Performance has options for the engine and trans mounts. They also make a bunch of other goodies like short throw shifter and such. Check them out as well.
The biggest con for you is the weaker internals gm started using in 08, if you are going to do pistons and rods as well you can have some fun with it. Otherwise stick to low boost like everyone else is saying