Sounds like you need to discount one thing at a time.
Firstly the pv, if you rotate the pv with the ignition off so that it is fully open (use a spanner on the end nut), then disconnect the wires to the servo, it will stay in that position (leave the cables in place). You need to take the pipe off and look up the exhaust port to make sure the valve is indeed fully open and lined up with the port when you do this.
Take it for a test ride, and see if it'll rev out better. It'll be awful below 6-7000, then should kick in really hard and rev right out.
Another way to test where the pv is ay a set rpm is simply to ride it up to that rpm, then turn the ignition off and coast to a halt, then look down at the pv pulley to see where it's sitting.
If it doesn't rev out with the pv held wide open, then it point to something else...