Bandit,
Keep in mind O2 readings by themselves are just a rough approximation to use for tuning. For example, if you are seeing knock and your O2 readings look like you are lean, then raising the fuel pressure might be a good thing to try. Even if there is no knock, sometimes raising the fuel pressure is better on some cars and sometimes lowering is better and you would only see this reflected by the 1/4 mile times (EGT or wideband O2 would also help) and trial and error may work best. Most people start with the fuel pressure recommended by the chip and work there way from there, usually only a couple pounds or so.
Also, as long as your fuel pressure regulator is working accurately you shouldn't have to change your fuel pressure everytime you adjust boost. Fuel pressure should increase with boost accordingly, that why people put fuel gauges on the hood so they can verify this. The only time you should have to increase fuel pressure with boost is if you have too little injectors and they are already being pushed. Keep in mind its important to have a chip for the boost range you will be using. Running too much boost on a street chip there's the possibility there's not enough fuel programmed into the chip and running too little boost on a race chip means there could be too much fuel. You should not have to adjust fuel pressure to make up for this.
I still think you are running decent times if you are using a street chip. A race chip and 25lbs boost you'll be in 11's with a good launch.
And BLACK6PACK, I don't see how your post has anything to do with higher octane making less power. If anything the statement backs up that higher octane makes the same power as lower octane. The advantage of the higher octane is that you can run more boost and/or more timing without getting detonation/knock. If you keep the same timing/boost with higher octane there is still a spark and the fuel ignites so you will still get the same power you had with less octane. Its not like the higher octane fuel doesn't ignite or anything, the spark assures that it does. Like stated, octane only has to do with the tendency to pre-ignite.
As far as MOST higher octanes burning slower..... on the flip side many burn faster. If you don't know which ones do what then its useless. It could be that the gas VP recommends for turbocharged cars and a lot of people use, C16, has a higher burn rate then normal since turbocharged cars tend to be lower compression cars and would benefit from a faster burning fuel before all the boost kicks in. Or maybe not, but without knowing for sure I wouldn't speculate one way or another.
Its nice to have a good discussion once in a while as a break while at work.