I just popped outside to the garage and got the install instructions for my (old style) SSQV and they show an o-ring. Verbatim insructions:
...
4. Install the o-ring into the groove on the flange
5. Connect the SSBV to the flange utilizing the c-clip (the tapered side faces up on the c-clip)
...
So I'd say you might be missing the o-ring huh?

That could be the source of your problem, as it would be a pretty massive boost leak. Also, AFAIK, the stock wastegate pressure on the E3 is over 6psi, which means that you should never be able to run that low psi on a well set up (read: leak free) system. Hope that helps.