Was it the same mixturs at both boost levels?, I doubt it is the intercooler and piping, it would have to be pretty bad to lose that sort of power, i would be looking at the ign table, you could do a run on 12psi on the street, datalog the load cells, then do one at 16psi,look at how much timing has been removed to allow for the extra boost, should only be about 4deg, you can measure pressure drop in the intercooler system with a boost gauge, hook it up to the manifold and see how high it goes, then connect it to the compressor housing, should only see 1 psi difference. oh and its a bit rich, 12.2 should be fine for that power level.