Wastegate Adjustment:
Shorten rod = increase boost
Lengthen rod = decrease boost
http://www.geocities.com/w_bowley/Green/boost2.html
Wastegate Arm Adjustments.
The wastegate arm (or wastegate rod) is the connection from the wastegate actuator to the wastegate lever itself. The wastegate lever itself is free moving, swinging freely. If it does not move freely (when disconnected from the wastegate rod) there is a problem, something impeding movement, and this needs o be fixed. Some stick intermittently, or only when HOT.
The wastegate actuator is spring loaded, clamping the wastegate closed when there is no boost source. When pressure is applied to the actuator, the actuator opens the wastegate. The rod's length can be adjusted, which means that the wastegate itself will have a different rate of bleeding of the exhaust depending on the adjustment. Good pictures and diagnostic tests are in the Syclone/Typhoon Service Supplement (on the CD Rom I believe).
The wastegate rod is connected to the wastegate lever. The lever has a pin, the rod slips on to it, and a retaining clip through the wastegate lever holds the arm/lever together. If you pull the pin, and slip the rod off the lever, the hole on the arm and the lever's pin should overlap slightly. In the manual it states to look for 1/2 overlap, so you'd have to pull the arm out of the actuator slightly (tight spring tension here) to connect the arm to the lever's pin. I believe the overlap spec has been updated so factory specs are now 7/8 overlap (basically a looser/longer rod setup). The arm's length can be adjusted as the rod end is threaded onto the rod. Tightening the end will shorten the wastegate, loosening lengthens it. If the rod is shorter, the wastegate is clamped more tightly shut. If the rod is longer, the wastegate is held loosely shut. If the rod is shorter, the actuator requires more boost pressure to open the wastegate the same distance as if it were adjusted longer. Result - more boost, faster spool up, as the wastegate is not opening quite as much, and not as quickly. The opposite goes if you lengthen the rod.
If you are using a feedback type of control (3 bar chip/aftermarket high performance controller) the adjustments won't have the same exact effect as it would on a non feedback type of control (ANS controller, bleeder valve, stock chip if you are running more than 15psi, as it cannot feedback control boost levels it cannot sense). On the non feedback controlled setups, adjusting your wastegate rod will adjust your boost level, and its response. On a feedback type of control, adjusting the rod will adjust the response more than the full boost level reached. It will affect the actual boost level, but it will usually take a more extreme response to do so, since your control system will take this change into account (with minor changes that is, but if you tighten TOO much, the wastegate may not be able to reach full open to bleed off enough pressure, not to mention what your wastegate can flow period). So you can dial in your wastegate rod to give you results closer to what you desire, as long as your system is working up to par. The actuator can also be out of spec, and there are full diagnostics for making sure it is working as it should.
Hope this helps