Not that this is your issue, but that little stock 25 year old turbo does not like 20 psi and is out of it's efficiency range. Yes it can do it, but that intercooler is struggling to cool that super heated air.
It's possible that this is the cause of a lean condition. 750-780 wot at the top of third is perfectly acceptable using narrow band.
The exhaust pressure is likely overcoming the waste gate spring and pushing the flapper open at 20 psi. I recommend an HD waste gate (which I believe starts at about 18 psi) shortly followed by a turbo that can reliably support 20+ psi. The turbo is the weak link in your combo.....that and a stock transmission. You have most everything else to support more power.
Mike, I missed that. My stock turbo would only go to 18psi.