OK nerds get out your pocket calcs and help a moron like me figure this out. 
At 5000' of elevation you are down approximately 2.5psi pressure over sea level. I have a pulley which should make 11.5psi @ sea level on this car. Right now I am seeing 9psig (pressure at the gauge). 11.5-2.5=9. Right so the supercharger is compressing thinner air and therefore reading lower psig.
But the nasty effects from altitude aren't finished yet. Because the air is thinner not only is the supercharger not able to produce as much boost but the air being compressed by the engine itself is also thinner by the same amount. 2.5psi. So therefore if you are at 5000' of altitude you are in effect losing 2.5psig (boost) + 2.5psia (atmosphere) compression in the engine. For a total loss of 5psi.
Therefore if I want this car to make the same power as an identical one at sea level I need to pulley down for an additional 5psig.
And ofcourse there are efficiency losses from spinning the blower faster, etc. but we'll leave that out of the picture for now.
Making sense? Or have I lost my mind again?

At 5000' of elevation you are down approximately 2.5psi pressure over sea level. I have a pulley which should make 11.5psi @ sea level on this car. Right now I am seeing 9psig (pressure at the gauge). 11.5-2.5=9. Right so the supercharger is compressing thinner air and therefore reading lower psig.
But the nasty effects from altitude aren't finished yet. Because the air is thinner not only is the supercharger not able to produce as much boost but the air being compressed by the engine itself is also thinner by the same amount. 2.5psi. So therefore if you are at 5000' of altitude you are in effect losing 2.5psig (boost) + 2.5psia (atmosphere) compression in the engine. For a total loss of 5psi.
Therefore if I want this car to make the same power as an identical one at sea level I need to pulley down for an additional 5psig.
And ofcourse there are efficiency losses from spinning the blower faster, etc. but we'll leave that out of the picture for now.
Making sense? Or have I lost my mind again?
