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Loud 740 Turbo Wastegate/ bypass valve..... 700 1990

I have a 740 with 156k miles on it and all was well at 145k. Now It lacks acceleration, and I can hear the bypass on the out put end of the turbo open under heavy acceleration. The turbo gauge on the dash reads at about the 2 o'clock position, and the performance is less than desired. Much less than it was about 10k miles ago.
I never heard the noise (blast air) before and dont really know where to begin. I can hear the turbo spool up just fine, but when the pressure builds up and the car starts to accelerate I hear the noise and the power just dosnt continue to rise. If anyone can lend some advice I would greatly appreciate it. If there are any diagrams that anyone knows about, that would be great! Thanks again. Go Navy!






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