You can do a waste gate, sort of... You can get a blow off valve, BUT usually a blow off valve is used when you release the accelerator, but have boost built up, which by closing the throttle body, etc starts to build even more pressure and usually breaks something - like the TB or your impeller (centrifugal types). But, logically you could have a blow off valve set to say 20 psi and to bleed off anything above that.
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