i agree with both the above posts. The dyno is very useful tool don't get me wrong. For Erics chips i would tune on the street and track. Then if i wanted to get the very most out of it to see what the car likes as far as a/f and timing i would use the dyno. I would start by setting the a/f to 10.8 which the chip should be preset for and then dial in your boost. once the boost is where you want it try adjusting the timing a few degrees. After that you can play with the a/f is you so choose. lots of ways to skin a cat imop. Now for a XFI setup, street tuning, track tuning, dyno tunning, works wonders.
As for turning the WB correction off at WOT, i wouldn't. I have seen +/- 5% fuel adjustment needed just in weather changes. The WB correction will correct for this, if its off then sometimes you might be a hair leaner or a hair richer. When running 25+psi of boost i don't want to go lean even if its 5%. i would rather be on the rich side if anything.