I've already found several cars where the mid-range turbo is better than the high. The game usually drops you a hint by having the high-range turbo only offer around 10 more horsepower or sometimes even less.
And in response to an earlier post, yes, torque does indeed "mean something" in GT5, it would be impossible not to. If you don't think so, then you don't understand what torque is...
Depending on what cars and track you played thus far, I guess the impression that torgue doesn't mean much in GT5 might not even be suprising, whether you know the difference between torgue and power or not.
On a track with a proper gear box, it's fairly easy to keep a car at a high RPM range. And, as we all know, that's when power becomes more important than torgue, or at least negates the lack thereof.
Simply put: Loads of torgue accelerate the car with a single revolution. Loads of power accelerate the car with lots of revolutions.
Thus: Loads of torgue: Good acceleration from low speeds (or rather, engine speeds), loads of power: Good acceleration from higher engine speeds.
Oversimplyfied, I know. But, in my opinion, an easy to follow rule of thumb.
With a good gearbox, the lack of torgue can, of course, be negated (to a certain degree), as the engine can run at higher speeds, most of the time. Of course, when phrases like "power sells cars, torque wins races" were coined, cars were equipped with four speeds, which resulted in lower average RPM for the duration of a lap, which made torque more important than it is today.
If you compare and IS-F's eight speed to a Cobra's four speed, you will realise the IS-F can much easier be kept at high RPM ranges (even though not all of the gears are actually useful, which would make individually customisable gear ratios even nicer to have), so it needs much less torque than the Cobra with it's four speeds, which forced it to accelerate from low RPMs more often.
Anyways, if you only raced cars that have decent gearboxes at tracks that make it easy to not drop into low RPM ranges, you won't notice the effects of a high torque output.