Chance,
I have a few things I would suggest you check before changing the turbo. If there isn't anything wrong with the turbo (which I'll get to later) changing it won't fix the problem.
First check the hoses from the wastegate solenoid. It should be located on a bracket attached to the passenger side valve cover. The back of the solenoid should have a two pin connector pluged into it. At the front there are two nipples facing the front of the car. The one on the left should have a hose connected. The other one should have a sponge filter over it or just left open. The hose goes to a plastic "Y" connector. The hose goes to the bottom of the Y. The hose coming off the straight part of the Y goes to the turbo. The hose from the angle on the Y goes to the wastegate actuator. Also the "Y" must be the factory piece because it has a restictor in it that lets the right amount of air pass.
Now if those are all correct then check to be sure the MAF hose has no leaks between the MAF and the turbo inlet. After that I would take the MAF hose off and check the compressor wheel to be sure the turbo is ok. Wiggle it in and out and side to side to be sure it doesn't have more than just a little play and can't hit the side of the blades to the housing. It should spin freely.
If anything was hooked up wrong and it improves things you might have to check the spark plugs to see if they are fouled with black carbon. If so change them and check the o2 again as it also could be fouled.
My son put a TE44 on his car with a larger hole than the stock puck and is going to put a TH downpipe on soon. Even without a good seal he can get 13lbs boost. It's lazy but drives ok. Unless your turbo is totally bad I think it should still work somewhat. I would also make sure the MAF is plugged in.
These are the free and fairly easy things to check before having to tear things apart or spend a lot of money. I hope something in this helps, but of course it might not. Let us know what you find.
Good Luck.