jomichael,
I had a turbocharged 350 in a '51 pickup (see gallery) and believe me, turbo-lag is real. As I mentioned in the note above, you can configure the turbo to be under boost at whatever RPM you want.
Not sure on this, but I understood the old turbocharged T-birds would go into boost at around 1800 RPM.
I think the waste gate system has been outdated, but in my truck, the adjustable waste gate would control boost in PSI and the snail, or volute size on the turbine side would would dictate where the compressor started developing boost.
Doing a turbo setup correctly entails building the engine specifically for that item..it usually isn't just a add on afterthought.
Turbo-lag is real, but when the SOB kicks in, hold on to your BVD's buster cause yer going fer a ride!
Turbo-Stu