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"My turbo gauge is in the red with the key out"
I think that's normal.
With engine off, the boost gauge is reading atmospheric pressure (~14.5 psi).*
Assuming you have spark at the plugs when cranking, it sounds like the Fuel relay may not be getting its coil ground from the ECU. (I'm not familiar with the 740 turbo ECU, but this is a known problem with some NA ECUs. Not common, but known.)
Do the pumps "cycle" for a second or two when the key is turned on? If not, it could also point to the ECU (same grounding circuit).
* I don't see an overboost switch/cutout in the '93 factory diagrams, except one for the turbo diesel.
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Bruce Young, '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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