Sounds like interesting one-time fun for a few seconds. You want to do this to your rebuilt engine? In an M15? Be sure to get a video for YouTube.
Bill Cathcart did a lot of things to the Champ 6 that he had in a Lark, culminating in a supercharger. It had run fine on a hot cam, big valves, dual carbs, aluminum head, etc. The supercharger took it over 140 hp, but the engine didn't last long before it blew. Nitrous sounds like the same kind of "too much medicine".