Do you really need 4 Nos tanks? Seems a bit extreme considering Nos isn't road legal(at least in the US).
1st there is no need for 4 nitrous tanks. A normal nitrous tank holds 10lbs of nitrous. I believe that 4lbs of nitrous use per minutes is equal to roughly 100hp increase for a 1 minute period, no reason I can think of you would need more than a few seconds here or there on a road car with a single tank lasting you plently of time.
As far as the legality of it, I'm not 100% sure on this. I have nitrous in my car. It is licensed and registered and, until recently, driven on the street on a regular bassis. As you can see from the below picture, I have 2 nitrous tank mounting points. Back back clearly seen in the back window and hidden in the wheel well. I have been stopped numerous times with the visible tank in the car and hooked up. Not once has a cop said a negative word about it what-so-ever. I've also heard its illegal, but I nor any of my friends running it have ever been given a ticket for having it on the car and hooked up. As far as the emissions concern. If the car is setup correctly, I do not see why this is a concern. Nitrous would only be active for a VERY short period of time under 100% load. Im not 100% familiar with the federal emissions testing, but I doubt they are running cars at 100% throttle for exended periods of time.
The issue more comes if to dynamically controlling timing with the injection of nitrous and, if running a dry kit, the additional fuel required to be injected through the injectors. Also plug selection becomes in issue depending on the amount of nitrous being used and how a colder, if needed, plug would effect emissions of the car under normal operating conditions...
Edit: Also, if a nitrous system were to be used on a prodution vehicle, a system would need to be put in to place to eliminate the addition of fuel if the tank were to "run dry". Also as the amoutn of nitrous in the tank gets lower pressure usually drops leading to unreliable injection. A lot to think about on something that woudl be production, but I dont see why it couldnt be done...
Legality in Texas (my state):
Nitrous Systems
Texas Health & Safety Code, Chapter 485, includes nitrous oxide under its list of so-called abusable volatile chemicals, though it states a person commits an offense if one "inhales, ingests, applies, uses, or possesses an abusable volatile chemical with intent to inhale, ingest, apply, or use the chemical in a manner ... contrary to directions for use, cautions, or warnings appearing on a label of a container of the chemical; and ... designed to: (A) affect the person's central nervous system; (B) create or induce a condition of intoxication, hallucination, or elation; or (C) change, distort, or disturb the person's eyesight, thinking process, balance, or coordination." It goes on to state that an offense under this section is a Class B misdemeanor. It would seem from the wording of this provision that use of nitrous in a vehicle's engine does not create a violation, but again, there is still the question of permits in Texas.