should a stock '94 pull all the way to redline?

Mine pulls hard to around 5K RPM then ****** out.

 

http://www.scuderiaciriani.com/rx7/boost_test.html

At WOT, 3d gear, everything stock, boost cycle is (rpm's approximate):

rpm psi
3,000 10
4,500 8 (as 2d turbo comes on)
4,500+ 10 (recovers almost immediately)
6,000+ 8 (and holds to redline)

 

it sounds like your second turbo has something wrong with it, double check it and report back, and yes it should pull all the way to redline!
Mahjik is totaly right btw