First thing I would do is apply Mouse Milk to the wastegate linkages. A sticking wastegate can cause lots of issues. I Mouse Milk mine every 25 hours at oil change time.
While the lower cowl is off to do that, maybe also remove the air filter, reach in, and spin the turbo by hand, checking for abnormal axial and radial play and making sure it's not contacting the housing. Wouldn't expect that at 200 hours since overhaul, but it's a quick check.
Looking for intake and exhaust leaks is a good idea. I'll also add - make sure your alternate air is not coming on, as it can cause this problem. Check for intake obstructions, which can cause the alternate air to come on. Make sure your intake plenum boot is fully drawn up onto the cowl flange and not bunched up and partially obstructing your intake. This is an important step every time the lower cowl goes back on that is sometimes missed, and as far as I know, unique to the 252 engines. You can quickly check that by removing the access door on the copilot side of the lower cowling.
After that, if you're still having the problem, I would have the fuel system setup checked in accordance with SID97-3G (attached), now a part of Continental's M0 maintenance manual, by a Mooney-specific shop. I've had multiple non-Mooney shops fail to get this right. Maxwell is really good at it. What were your fuel pressure and fuel flow showing while you observed the decrease in MP? The fuel pump has an altitude compensating function that has to be set up correctly.
I think of it this way - to make maximum power, your engine needs sufficient air, fuel, and spark. Taking spark out of the equation, you're missing either some fuel or some air.
SID97-3G - Continuous Flow Fuel Injection Systems Adjustment Specs and Instructions.pdf