forced inducution/5.0 gurus: please help

[93GTDIN]

well its running. All gauges hooked up and all systems nominal. The a/f gauge is a little eradic but i heard that is to be expected. The only problem is the darn thing wont exceed 3 - 4 lbs of boost. When I floor it, there is a big hesitation, and when it passes 2750 rpms, it revs incredibly slowly, surges back and forth, and refuses to pass 4 lbs of boost. Under the hood, I feel a big gust of wind near the blower. The wind is so strong it blew some loose bolts in my garage around when I revved it. I can't find a leak, but i suppose this doesnt mean there is one.

My harmonic balancer is dirty and the timing is hard to read, i'm not sure i'm getting the timing right at all.

Could this be a timing issue or a leak, or something I havent thought of completely? Any ideas?