Did you ever get this figured out, Erik? (by the way, this is Chris from RCC. we've talked a few times before on there)
I had this same problem with my '85, The Injectors were almost completely clogged shut, it would billow out the white smoke like crazy, idled like crap, had no power and couldnt make it up a hill in 4-Low.
Does this look familiar to you? (having the same problems?) :
http://s182.photobucket.com/albums/x42/ ... 001182.flv
If so, pull your injectors out, tear em apart and clean them. It may not look like they're really dirty inside, but it doesnt take much dirt to turn the truck into a gutless pig. It'll become a whole new monster once it's got clean injectors.
Oh by the way, did you ever get your Wastegate figured out? I had similar issues with mine (not the positions, but mounting it) Because i used the Wastegate Actuator from a Chrysler 2.2L Turbo-I engine with a Garret T-3 Turbo. I had to make a custom Rod/Linkage to connect the Wastegate Actuator to the TC05 Turbo.
I think i might be able to brainstorm up a Linkage system that'll work for your turbo, similar to the Kickdown Linkage on a Chrysler Smallblock/Bigblock equipped car (Rod coming down at a slight angle from the Actuator, into a bracket with a pivoting rod in it, with a short rod connecting to the arm on the turbo) If you need i can draw up a crappy MS-Paint diagram for you