I've been troubleshooting an issue with my ST205 fuel cutting anywhere between 6000 and 7000 rpm.

Engine is balanced & blueprinted with a mildly ported head. 2.5" downpipe http://gtfour.supras.org.nz/pics/downpipe2.jpg and full 3" low restriction system after that.
I'm getting code 21 (O2 sensor) as soon as I drive. It is however flicking the analog voltmeter at about 1 Hz so seems to be working fine. Will check heater circuit and Vp-E1 voltage per manual tomorrow.
It is also running rich (always has, hence the name) but plugs were pretty black. Put some iridium plugs in in case that made a difference. Nup...
Have removed all temp sensors and verified they are in spec per manual, so is MAP sensor. Tried both my ECU's.
I've ripped out the Profec B and gone back to the stock boost control system. Runs around 17-18psi max. Boost response is quite strange, continuing to build almost linearly as rpm rise. Wastegate is freely moving.
Anyway the fuel cut does not seem to be a simple boost limit. Probably feeds all the engine parameters through a risk algorithm to determine a safety cut off. Does anyone have any info on what this process is?
Any other troubleshooting suggestions welcome!