Can anyone tell me if this is a MBC? I see two hoses going down to the turbo by the wastegate. I know... i'm such a newb.

 

Your pictures dont exactly show where the lines are routed but I think it is indeed a MBC. Follow both lines and report back as to where they are going. One should attack to the nipple of the wastegate and the other to the boost source on your j-pipe aka your lower intercooler pipe.

 

It looks like a real cheap one.

These work with two hoses going in and a spring/plunger restricting air flow, requiring boost to compress the spring before passing to finish the job.
The reason it looks like this is the knob on top and the lock nut. You would loosen the lock nut then turn the knob to increase/decrease tension on the spring, then use the lock nut to keep it in position.

 

Will do. If I remember correctly one goes to the wastegate, the other goes to somewhere near the wastegate...that isn't the wastegate.

^this sounds about right. I couldn't turn it at all. This will make things easier when I goto RRM for tuning tomorrow. Now I just need a gauge.

 

Ya don't adjust it until you have a boost gauge so you can see where you are starting and where you are setting it!