Good observation, Slade. These old Buick turbo housings are longer than a modern "cartridge" turbo housing, which gives more options for mounting. In the photo below I have labeled several parts. The compressor outlet has a tap on its side to send boost pressure to the wastegate actuator. The actuator has a spring loaded diaphram inside of it and a rod from the diaphram to the wastegate itself. As pressure builds inside the compressor, it places pressure to the right side of the diaphram (in this photo). When the pressure hits about 6-8 psi, the boost pressure begins to push the diaphram to the left, and the rod opens a turbine section bypass (wastegate) to reduce the exhaust pressure on the turbine wheel, maintaining a maximum of about 8 psi boost.
<img src="http://home.earthlink.net/~rps1976/Images/Turbo/BuickTurbo1.jpg" border="0" width="638" height="477">The neat thing about this very simple setup is that the spring can be shimmed or changed to raise the pressure at which the wastegate begins to open. Or even MORE simply (and cheaper), a "bleed" can be added to the boost sender line to reduce the boost signal to the wastegate actuator, again to raise the boost point at which the wastegate begins to open.
By now you guys should understand why I am so enthusiastic about these old GM turbos. They are DIRT CHEAP, adjustable, and thoroughly engineered.