Woo Hoo!
Spent part of the weekend fixing exhaust leaks and drilling out broken bolts on the wastegate. All is better (although there is no more beer in the garage fridge...) and AFRs are nearly perfect. I ended up putting the AFM back to the initial factory settings and backed out the atmospheric rise on the RRFPR. Idle AFRs are real close to 14.7:1. Under full boost AFRs are 12.5:1 from 2500rpm to 5000rpm. Above 5000 rpm the AFR dropped a bit to 11.8:1. Max boost right now is 8-9psi.
Setup recap: 1986 635 CSi, 5-spd, M30B34 block, M30B35 head, ARP studs, MLS gasket, TCD S1, TCD chip, stock fuel pump, TCD exhaust, RRFPR, 30lb injectors