It is not a wastegate (our trucks do not have a wastegate from the factory), it is an exhaust backpressure valve that closes off to help the engine warm up faster. When closed it actually cuts back on power, maybe there was an issue with how it worked or the previous owner just did not want it there. Many folks have wired it open, many have also pulled it out and filled the holes left in the housing. It should not be an issue.
Dave / Believer45