Oil only? Or water cooling too...
 

I bought a godspeed chinacharger...
and I bought a Tial 38mm MV-S water cooled external wastegate.
I want to keep my street car simple...so should I:
A: Use the water cooling on only my wastegate?
2: Use the water cooling on both my turbo and my wastegate?
D: Run strictly oil cooling to just my turbo, and say "cooling? We don't need to stinking cooling!" on the wastegate?

What color wastegate did you get? If you do not run water to it the chances are very high that it changes colors from the heat very quickly. I would honestly just run water to the turbo and waste gate. It is only 2 extra lines and not that hard to do.

What flow direction do I go?
Feed to wastegate, to turbo, to return?
Or
Feed to turbo, then wastegate, then return?

I would say:
Feed to wastegate, to turbo, to return.

I'm using common sense though by going to the object that outputs less heat first.

That's what I thought too, but also because the wastegate is higher than the turbo. I know the water line is pressurized, but it's better in my mind to flow with gravity, not against.

Hmmmm I completely forgot I had the option to run water through my Tial waste gate. I heard silver is the only one that doesn't change with heat though but I might do it anyway just to be safe...

You actually want to flow against gravity with water cooling lines. Garrett put out some tech data a few years ago about this topic. Apparently they got the best results by having the center housing slightly off axis by like 10-15* or something. Then feed the water into the lower port and out the higher port. Since heat rises, it helps the water get the heat away from the turbo more effectively. This is of course an ideal scenario, in real life, on a street car, I seriously doubt it matters.

Bottom to top is what you want. I've heard some cars that went the other way around and on a couple of them you can hear the water boiling and making coffee pot noises after the car has been off for a few seconds.

Newb question: which way does the flow go? Does it come out of the tube off the thermostat or the lower one?

Comes off the thermostat tube (WP outlet). The lower one ("mixing manifold") is the water pump inlet.

Bottom to top for flow when adding heat. Look up "convection." Way back when, some cars skipped the water pump and all water flow was done this way (bottom to top in the engine, top to bottom in the radiator).

Does this sound right in this order?
Thermostat tube to turbo -Turbo to WG -WG to lower "return" port.
Game over.

Yep. While you're at it, make sure those steel ports are in good shape and clean. Common place for crud buildup -- you want good flow to those hot components.