I say spend some time over at thirdgen.org, or maybe someone has some other forums to suggest, where stuff like O2 tuning is discussed at length.
Even a narrowband will at least tell you if you are running consistently lean or consistently rich (such as under hard acceleration) but for example, during part throttle cruise, O2 jumps from rich to lean a lot.
I'd go out and see if you can find a file of the datastream from an 8192 baud connection to a GM ECM, to see if what you want is even worth it. I'm not saying it would or would not be worth it, just that again, O2 jumps a lot, and I'd be surprised if it was something that can be measured "cheaply" and accurately. There are certain electrical things that can't be measured with a digital multimeter because they happen too fast, and an analog(?) multimeter is used instead.
O2 voltage output is very small, so I suspect it would have to be pretty darn sophisticated to turn that into something you could read, and realtime. Check it out! /forums/images/graemlins/smile.gif