dj4monie said:
Your transmission would downshift, but not into overdrive. It would react just like it does now when you go WOT (only when moving, not from a standing start, it starts in the lowest gear anyway).
You should be able to run between 50-75hp with ease. There a couple here using that much.
You don't need any other gauges than a nitrous bottle pressure gauge. A/F gauges with the stock o2 sensor are pretty much useless at WOT where you'll be using your nitrous system.
For added durability, I would add a transmission cooler. It will be a benefit without nitrous anyway.
My suggestion is to buy a kit, bottle heater, nitrous pressure gauge. Nitrous Express offers the most complete kit, if you purchase a NX EFI kit with the GenX upgrade, which includes all the things you need.
About using it with an automatic -
Turn on your bottle heater, wait 15-20min, arm the system, find a clear road to use, stop, powerbrake your car to build the RPMs up, hit WOT and hold on... Don't worry about shifting and getting out of it on nitrous, just keep you foot in it and let the tranny do all the work. You'll get your best 60ft times this way.
Just a few things to add to what was posted above.
First off, more than a dry 50 shot would undoubtedly cause damage to the P5 Engine... Ask LinuxRacer, he'll tell ya;.

I would start with a 35 shot jetting, just to make sure you know what you're doing. I ran a 75 shot in my truck for 3 years until going to a 150, then 250 wet shot.
Secondly, About the downshifting... with most kits you're supplied with a crude window switch as it is. It would mount on the throttle boddy, and only allow the N20 to activate at a WOT condition (this would make the transmission downshift anyways, so nothing new to do or remember in that regard.) My dry kit included a throttle body plate with that switch already included, I am assuming they still do.
Third, the gauges I would definitely recommend are N20 Temp, and N20 Pressure... The Air/fuel is good to have, but can get sort of screwy. There are some kits that replace the 02 sensor too that should be pretty good. I think Jetchip.com has them, probably not for the P5 yet though.
Fourth, Transmission cooler?? Definitely...
Fifth, the application of the N20... This would probably be a little different than the way I do it, since my truck has so much more torque. I can't engage from a stop, as I would probably destroy both back tires in about a second. I would recommend launching as dj described, but not hitting the N20 until the middle of 2nd gear. Since you have a factory stall torque converter, it would probably give you a shitload of wheel hop anyways. It would be a whole lot less stress on the Tranny mounts and engine if you had a little momentum on your side too. At least with my 5-speed, 1st gear is really damn short anyways. When you are shooting, put the gear selector in Drive. It would probably never shift into OD, but it would just be safer that way. I imagine a 3rd to 4th gear shift would be bad with all that extra torque, and the fact that the ratio's are so far apart.
Also, remember that you need to change your spark plugs every three bottles (At least I was supposed to according to my first kit, 4 years ago..

) Colder plugs would be a good idea like acid said as well.