Engine Rebuilt, no Power at all!

Hi everyone, i just got the JDM 3S-GTE back into my 92 GT after a very drawn out rebuild. It has new pistons and rings, and all new gaskets. I got it started today and started to drive it to break it in when i noticed that it has about 4 hp and the turbo won't spool at all. I know the turbo spun freely 3 days ago, so i don't think thats the problem. I have also noticed that the engine is pulling good vacuum, but whenever push the gas pedal, the vacuum only goes down (closer to 0 psi) slightly, then goes back up no matter how far i push it. I know the throttle cable is opening the butterfly too. The engine sounds great, it just seems like there isn't any power. It can't be a boost leak because I would at least notice a spooling sound and a leaking sound. It also will not go over 3k rpms. Could it just be the fact that the rings aren't seated yet, or what??? I have never even heard of anything like this before, the car is stuck at the bottom of my driveway because it doesn't have enough power to climb the hill. Can anyone at least point me in some direction as to what could be wrong??

Id say check both cam and ignition timing again. After that check your fuel filter and AFM. Is it pulling any codes?

you cams may be at 180degree

I'd definately say ignition timing is waay too retarded, but could be cams at 180 too. Double check both.

Would it run well if the cams were 180 deg off? The engine sounds like its running perfectly, idle seems to be good as well so i think the timing is ok, but i will check that as soon as i pull the car back into the garage.

EDIT: I forgot to mention there are no codes being thrown. The car isn't bogging at all when i push the gas pedal past 1/4 throttle, it just does nothing at all to the sound, or acceleration of the engine. Its like the throttle cable is disconnected, but of course it is still there and working properly.

I just got my Celica All trac last night so I haven't done much with it but I can tell you that I had my cam 180 off on my cabby when I was getting it back together and it seemed to run pretty well, just no power.

I'd venture to say it's got to be something with your timing most likely if there isn't something blatantly obvious.

I get to put a new head on the one I bought so I'll be going through your steps soon.

Well, its running perfectly now. I feel like such a moron, I guess i overlooked one of the paper towels i had in the intake pipe to keep dirt and bugs out while the engine was being rebuilt. The engine was getting no air and that's what killed the power. Luckily it didn't hurt the turbo, there were a few pieces stuck in it, but i got them out with compressed air and needle nose pliers. Not too much was sucked in either, the towel was mostly intact. The car is running awesome now, there is so much more low end than there was when the #4 piston was cracked. I don't have to bog or spin my tires anymore to get going from a stop. I haven't boosted it yet as the rings are still breaking in, but it feels like it will run fine. Thanks for all your suggestions everyone, I'm sure i will be calling upon you again sometime in the future. Good luck with the head swap Alter Ego, i'll be tearing apart the blown 3S I just got from an MR-2 owner so i'll be going through all that again right along with you.
Thanks again

Ben,
Glad to know that's an easy fix.
You are very lucky it's just a piece of paper towel!

lol thats an awesome story.. I'll remember to take out the towel from now on.. everytime I work on it I'll think about that hahaha

i know i'll never forget ever again.

UPDATE:

The motor has 500 miles on it and all is well....except for the stupid axle on the pass. side which is clicking like it's bad, when its brand new.

Could already be bad. If they didn't pack the grease properly during assy, it will go bad almost right away.....