O2 sensor generates a voltage based on the O2 present in the exhaust stream. But they have to get up to temp before they become "active". This is why some problems occur when swapping to headers on trucks like ours.
Theoretically you are right, high temp=lean, low temp=rich, but there are a ton of factors to consider...decel, idle, startup, engine temp, and so on.
I am far from an expert, but GM did things like "closed loop timers" (how long it takes to go closed loop after start), looks at engine coolant temp, plus watching O2 sensor voltage to determine if it's "ready" for closed loop.
That's one advantage to tuning, if you go with a heated O2 sensor, you can "force" it into closed loop far faster if the engine will allow it.
Theoretically you are right, high temp=lean, low temp=rich, but there are a ton of factors to consider...decel, idle, startup, engine temp, and so on.
I am far from an expert, but GM did things like "closed loop timers" (how long it takes to go closed loop after start), looks at engine coolant temp, plus watching O2 sensor voltage to determine if it's "ready" for closed loop.
That's one advantage to tuning, if you go with a heated O2 sensor, you can "force" it into closed loop far faster if the engine will allow it.