John, the sequence of blinking is your trouble codes! The first number of blinks is the first digit of the trouble code, the second number of blinks is the second digit...Therefore, 1 blink followed by 2 blinks = a code 12. (The ECM repeats each code THREE times, then moves to the next code. When all codes have been displayed, it will start over with code 12.)
Code 12 means the ECM isn't seeing a pulse from the crank sensor. You will ALWAYS get a code 12 simply because the engine isn't running!
From your post, it seems you have a code 34 AND a code 42. Code 34 is a MAF sensor code, and code 42 is an ignition module code.
There are 2 MAF trouble codes (33 and 34), yours is as follows: (quoting my manual) "To set a code 34, the engine must be running with the MAF sensor disconnected, OR the engine must be running at more than 1400 rpm with the TPS signal more than 50% (2.5 volts), and the air flow less than 10 grams per second (low frequency). A loose or damaged air duct can set a code 34"
(quoting my manual again) "Code 42 indicates that the ECM has seen an open or grounded bypass or EST circuit with the engine running"
Here's my diagnosis, for what it's worth...I think your ignition module took a dump while you were in WOT, and you had an intake backfire, and it's possible it blew the intake tube off the MAF sensor or the throttle body! This would account for the trouble codes! CHECK ALL THE INTAKE TUBING! Hopefully you'll find a disconnected tube, which will answer the MAF question.
The hard part is the ignition module. It could as simple as the connector plug needs some attention!
After this happened, the ECM went into "limp" mode, meaning the ECM is using default values in place of the sensor values to determine fuel & timing, etc. These things don't run very good in limp mode, especially if the ignition module isn't working AND the intake pipe is loose or disconnected! Some good news is, you're turbo is probably just fine!
Hope all this makes sense, let us know what you find! (just remember, whatever it is, it'll fix!)