Probably depends on the valve, the more pressure it bleeds off the more is lost, basically the louder the sound the more pressure is let out so the more power it loses. Then again I was under the impression that blow-off valves and wastegates are different, blow-off valves being the ones that work when the turbo is on-boost to alleviate some of the pressure and wastegates only working when the turbo comes off-boost, i.e. when you take your foot off the accelerator (like, say, when changing gear) to immediately empty any pressure left in the turbo. Then again I have also heard that these are the same things, which I'm more inclined to believe, but surely if a wastegate/BOV only really dumps the pressure when you're not accelerating, why would it matter if the horsepower is down?
In other words, if he got a blow-off valve that was closed while his foot is down on the accelerator and no pressure is let off while the turbo is on boost (seems pointless to do that on a stock car, though, since the pressures will be well within the tolerances of the engine and turbo, but then again I think most turbos have one as standard) but opens when he takes his foot off the accelerator, then he wouldn't have any horsepower lost through bled-off pressure but would get the cool woosh sound.
Also its worth pointing out that you can get valves that dump the exhaust gas into the exhaust plumbing and others that dump it directly into the atmosphere, which I would imagine gives a better sound and releases the pressure instantly.
That was the least coherent post I've ever written but, well, deal with it
p.s. if his car already has one, which it probably does, he could probably just modify it to make the sound anyway, not much point spending the money on a performance part if its going to be bolted on to the standard car... Maybe if he goes mad and tries to get 400bhp+ out of it then yeah, by all means, but if its otherwise standard, just, I dunno, glue a whistle to the existing one