I've been putting together a junkyard/custom setup and soon I will be installing it. My question is, the turbo I bought looks and seems pretty solid, but you never know with used turbo's. So I was thinking of putting a 2 way filter, maybe even my stock airbox with a k&n drop in, as part of my charge piping to prevent a broken fin, or too much oil from entering my engine in the case of a blown turbo. Does this make sense to anybody? I'm getting a nicer/new turbo this summer, so I'm willing to sacrifice some performance for peace of mind?

This sounds like a good idea. you got any mock ups or pictures....

No mock ups yet. I'm using my short ram intake I have now as part of my piping. So imagine the stock airbox clamped on to the short ram, with charge pipes entering threw the bottom of the airbox.

Your worried about the compressor wheel just falling apart?! As long as you put a filter on the turbo there is absolutely no reason to add a one 'inline'. Besides your intercooler will catch any oil or magical compressor parts that might fly out. Don't bother, turbos don't just explode like that and if it was pumping enough oil to hurt your motor you have WAYYY bigger problems that a filter wont fix.

If you want to make it more worry free work on making a bullet proof oiling system (feed & return) and some decent fuel/engine managment ie; Uberdata (my new favorite), hondata etc...