I've got a Banks unit on my 6.2 pickup, and it makes 8-9psi when I'm flat on the go petal and the engine is AT redline before it shifts (auto).
You're right though, sensible driving nets around 7 without floorboarding it.
The non-gated turbo (big housing) is RPM reponsive, not heat/load responsive.
Around town is smokey. It's a lil big (exhaust side anyways).
The T04B turbos Banks used have the 60 compressor, not sure on the wheel though. Banks does and still does offer a "lighter" wheel for the turbo, but requires both a wheel and a compressor housing.
The ideal T04B would be one that incorporates a 70 compressor and larger wheel accompanied with the right sized exhaust housing.
Here are your options. First check which exhaust housing you have on your Banks, the A/R on the exhaust side of the turbo will be the tell/tale. There were two housings, a 1.15 a/r (puke) and a 1.00 a/r, which is decent (I've run both).
Check for exhaust leaks, the Banks setup allows for exhaust leak on the x-over, any leak, and you'll be bleeding potential air to turn the turbine wheel.
Anyways, If you've got the 1.15, get another housing, I've called several shops, and a few actually had the housing, around ~$150 is what you'll pay, maybe $100 if you're really a Jew.
The weird thing about the Banks unit is that it uses a SIX bolt exhaust flange, NOT 4 bolt like the standard "euro" T04B (which is what this is). If you want to modify your downpipe for the 4 bolt flange, you have lots of options. You can probably call High Tech Turbo and get another housing, just specify your a/r ratio. If you pull, I recommend a .96 a/r, if not much pulling mainly fast spooling running around town, I recommend finding a .84 or .86 a/r for the exhaust, you'll like that. With the .8x housing you WILL make 12psi boost with 6.2 fuel system.
Otherwise, HTT found me one six bolt outlet .86 a/r ratio housing (kinda rare) for around $300 for the new housing. It should bolt right in, but I don't have $300 to try it out, but have a TE06H sitting on the shelf... So...
I vote TE06H on the Banks, which is my next conversion.
Just a note if you have the BIG banks housing, the Ford 6.9 Banks kit uses the same turbo, yeah, same, and uses the 1.00 a/r exhaust housing, so this will aide in you finding your housing if you end up being in that need.
Cheers!