It would seem that the coppers don't like it when you're driving around in a battered 406 with an oxygen sensor sized hole in the exhaust and a boost gauge loose on the dashboard...
"Is this your car?"
"no" (crap)
Thankfully I do have the owners permission, he does have it insured, and my insurance does cover me to drive it! Also very thankful the coppers accepted my story about just taking it round the block to diagnose a problem, and gave me an escort home. Got a right bollocking though
Anyhow... with the oxygen sensor detached, I got no near-stalls when stabbing the throttle from idle (so it IS restricting the airflow) however still no boost. Exactly the same - 1psi vacuum

That's even with the dump valve disconnected and wastegate solenoid bypassed
So I think I'm still left with just two possibilities:
1. Knackered turbo
2. Gaping hole in the intercooler

<steve_earwig> I think this forum is more about keeping our cars going with minimal outlay than giving our cars more reason to go bang