I doubt he has any controller on it. It is old school.
If I were you I would just send the bike my way. It's going to be more trouble than it's worth. If you want to keep it, read on.....
No matter what the turbo is doing, if the throttle is closed off you will see a vacuum.
IMHO, Rule #1 when playing with turbos, learn what your doing before you make any changes. So, don't start mucking with the wastegate until you know how to read a plug correctly.
Rule #2, more important that Rule #1 and coming from a very reliable source, don't use the internet as a source of information on turbo charging a bike. Your not doing anything new here, so it's best to ask. I say this after being humbled this summer with 2 blown engines.
The first thing you need to do is figure out what you have. There is normally a stamped plate on the RaJay near the compressor's outlet that shows the model. It may not be marked by RaJay. It could be Roto-Master, ArKay, etc.
We are looking for something like 303ff blah blah blah. There are several combinations that the turbo could be but my guess is that it is a B or F compressor and an F turbine. There is also an EF combination that was used a lot on the high HP funny bikes but I doubt this is what you have. If there is no plate, look at your turbo and tell me if it looks like the one on the left or the right.
What does the wastegate look like? Is there any ID that would tell you who made it or the model number? If it looks like the one in the following picture it was built by Mr. Turbo. If this is the case, look near the set screw on the bottom and see if it has an "R" stamped in it.
The lag could be almost anything. The turbo runs from exhaust heat. Higher exhaust temps, faster blade speed. Once we know what turbo you have, the next thing is to have it checked out. There are two basic bearing housing that were used, 303 Single Fed and Dual Fed. There are also two different heat shields that were used, stamped and cast. The stamped ones (and even the cast ones) can warp under heavy loads. Once they warp they can cause a massive amount of lag like you are seeing.
"Took it out for the first ride this morning, seems real doggy at low rpms? "
Well, yea. Depending on how the motor is setup, it may very well make less power than a stock engine with no boost.
You also want to check the wastegate, lines, etc. All the RaJays can build 40 pounds of pressure. More than enough to melt most engines. Get you camera out and lets start there.....