Ouch, yeah you have something going on there for sure. Does the car feel like it's choking, bucking, etc.... How much timing are you running, how are the 02 sensors - maf reading correctly?
For reference my E-cammed but otherwise stock shortblock, TEA TW heads 185cc, stock lower intake, AOD w non lockup, 3.73 gear car made 437/500 on 9lbs with a QT 67mm kit.
1986 Mustang GT
306 E303, TEA 185 TW, Quicktime Turbo 67mm, Redneck C4 15lbs boost
*Sold drivetrain - Rolling Chassis may be available*