not sure where you were going with the coolant temp gauge, but the computer reads the temp of the coolant off the sensor on the intake, the gauge reads it from the one in the side of the head.
This issue has got me thinking, and from what i know, which sometimes isn't much, the only thing controlling fuel flow, would be the pump pressure, which is regulated by the pressure regulator diaphram in the TB unit, and the the signals the injectors get from the ignition control module for WHEN to pulse. The amount or pulse width pattern i believe is used for cold morning starts or choke setting, extended pulse for more fuel, should be controlled by the coolant temp sensor (in the intake) and also the o2 sensor. The O2 sensor though not too sure about causing this much trouble though, as i have actually had mine unplugged and it didn't really affect the way it ran, although the SES light did come on.
I've had alot of fixes, diagnosing and repairing in my time with this truck i have now, and would like to think i understand how most o everything works, however, just recently when i had my injector pulse problem, or lack of, i was informed by SCOTT

4X4HIGH,,, of the ignition control module actually controlling when the injectors pulse. Learned something else i had not had to deal with in the past, and thanks again Scott, so far it's still running

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Vacuum leaks and whatnot, from past experiances with "issues" on these things shouldn't cause the injectors to dump that amount of fuel down the intake, it will affect the way the engine rune, but these engines run alittle differently than a carb'd engine does, Heck even a bad coolant temp sensor should let the injectors "dump" fuel like you are describing, it would make the motor run alittle richer, but should still run without your issues.
I'm leaning on the pressure regulator in the TB unit, (somewhat cheap) and if that isn't the problem, i would be looking at the injectors,(gettin costly) and then head towards whatever controls the pulse width pattern possibly holding the pulse pattern open too long. (price unknown

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of course it ALL gets controlled by the main computer too though 