I don't know what the wastegate is set at on the 03's but on the 05's it is higher than 20 psi. When mine shifts into OD under load, it is a doulble clunk but that's the transmission.
It wouldn't be blowback or "bark" because you still have sufficient boost (10 psi) and the engine is under load when it happens. Blowback or bark is when there is a sudden lift off the throttle during hard acceleration.
Now, if the wastegate is opening at 20 psi, then you will usually just hear a hard swish sound (pressure release). In your case, that may be what is happening. It's opening and then immediately closing back. Do you ever get more than 20 psi boost when the engine is under load (accelerating, pulling hard)? If not, then it's probably the wastegate.