A full dynamics simulation of the engine and drivetrain, and its controls etc., probably is beyond the reach of the PS3's prowess, given everything else it's doing in the game.
However, a more naïve approach could work well. I'm thinking somewhere along the lines of a tuneable filter to give the rough behaviour of the boost lagging behind throttle inputs. That'd have to be done per car, and would apply to NA engines, too. The problem is that you'd need a look-up to account for variance in the rev range, or else use some form of physical modeling on that one part.
In short, it can be as computationally expensive as you want; that's always the trade-off, because anything on PS4 won't be 100% accurate, either.