I think a refresher on turbo's for FI engines may be helpful for some. Check out "Super Street" Magazine 09/01, pg. 147.
In FI engines the wastegate, on the exhaust side, determines max boost pressure. The blow-off valve is on the intake side of the turbo, it's function is to reduce or eliminate compression surge, which occurs when you get off the throttle. Once the throttle plates close, the incoming air has nowhere to go but back to the turbo. At best, this slows the turbo so you get lag when you're back on the gas. At worst, it can damage the turbo. However, on my Carb'd turbo V-8, the carb is before the turbo so there's no blow-off valve. The Wastegate can be manually adjusted to +/_ 16 pounds.