Close, but no cigar. The "blowoff valve" on a turbo keeps the pressure from backing up in the inlet piping when the throttle is closed. The "wastegate" bypasses exhaust gas around the turbo to control boost pressure. Really, about the only thing the turbo and the supercharger have in common is that they both increase the flow of air into the intake tract. More air, more fuel, more power. This is good. Smaller pulley equals even more air, even more fuel, even more power. This is even better.
Charles