Newly acquired 86 tc low on power

Hi, new here but familiar with 2.3t had an 85 svo about 6yrs ago and finally got back in another 2.3t powered car.

I just bought this 86 tbird tc, it was a 2nd owner, last owner had it only 1yr was garage kept before then, car is in very good shape, 140,000mi, 5spd and bone stock, it runs very good idles great, drives amazing just low on power, makes boost as it should, 15psi in 1st and 10 in all other gears.
It is just under powered, boost is stable, i have put in a new air filter, new autolite 764's, did a compression check with 155psi across the board and disconnected the KS, timing set at 12deg btdc.
It just feels like its dragging an anchor boost seems to build good it just has about a third of the kick that it should and i can feel it surge a little under boost.
I am thinking there is a restriction in the stock exhaust, it has a replacement cat and muffler, the muffler looks like something they got at midas for $20 lol.

Any other ideas on what i can look for?

Welcome aboard. I would follow up on your exhaust blockage first. Straight thru mufflers are better for turbo engines than the chambered variety. If it is Midas type stuff, the cat may not have enough flow either. If the exhaust is OK, then there is cam timing ( http://turbotbird.com/techinfo/CamTiming...t%20Up.htm ), fuel system checks ( http://turbotbird.com/techinfo/Fuel_Syst...ostics.htm ).

Does this look right? Its more towards the left mark than the middle, would belt stretch do that? Its not far enough off the be a tooth off right?

[Image: 20170403_124053_zpselakw9oo.jpg]

Cam timing looks about as good as it gets with a stock gear.

I know this is a dumb question, but did you unplug the SPOUT connector when you set base timing, and reconnect it when done? Is timing at idle running between 25 and 30 deg BTDC as it should?

Cam timing looks about as good as it gets with a stock gear.

I know this is a dumb question, but did you unplug the SPOUT connector when you set base timing, and reconnect it when done? Is timing at idle running between 25 and 30 deg BTDC as it should?

Actually not dumb at all lol, my initial test drive after setting the timing and everthing else the timing was locked out at 12deg because i did leave the spout connector disconected lol, it runs better now but fighting detonation when it gets into boost even at 10deg initial. So i plugged to KS back in and going to go through the fuel system next.

That timing belt looks like it's been on there since the car left the factory! If I were you, I'd be replacing it ASAP before it leaves you stranded.

Yes its pretty rough lol, its top on the list definitely.