The BCS is the Boost Control Solenoid. It controls the Cylinder Air Charge. That is a roundabout way of saying it controls how much air gets into the engine. Technically it doesn't control boost because the ECU doesn't even know what the boost pressure is, as it doesnt have a MAP sensor. However, the VAM measures the airflow and on a stock motor, the airflow allowed by the BCS comes out to be 15 lbs on certain turbofords (generally the intercooled ones) and 10 on others.
The BCS should be routed to the wastegate and the turbo outlet or intake manifold, I'm not sure which.
I have no idea on the EGTs, I've never run a probe, but that sounds fine. It shouldn't really get over 1500 when under full load though.
And yes, the ranger FPR works just fine under boost.