Will this work with my turbo setup, or do I need stainless clamps?

Silicone handles turbo boost temps fine. Use quality worm-gear clamps rated for the pressure your system runs — steel or stainless both work. Tighten firmly but don't crush the hose wall.

Do I need to prep or clean this before installing?

Rinse the inside with clean water to remove any manufacturing residue, then let it dry. No sanding or priming needed — silicone is ready to use straight out of the box.

Can I use this for both coolant and boost, or should I dedicate it to one circuit?

Silicone resists both equally well. One hose can handle coolant, another can handle boost — pick whichever your layout needs. Just don't mix fluid types in the same section if you can avoid it.