All right boys and girls, here we go again ---
Found the correct O2, replaced it, same reading however (very low, i.e. lean all the time). It also does not react the way any of the other O2's react when the car is just switched on. All others start around the bias voltage (450 mV) then work their way toward the sub 200'after about 30 seconds. This O2, prior to start, drops like a rock to the sub 50's and sits there. It also does not read at all when the car is started -- it does similar things, i.e. settling down near 80 or 90 and ticking back and forth a few mV while all others do the appropriate actions.
As far as I can tell, it has the correct bias voltage to it. I can't really do any troubleshooting on the plug, being that its sorry butt is crammed up next to the tranny pan and my fat hands can't get it out of there, but in looking at it all the prongs seemed ok. So I'm guessing wiring or ECM, with ECM being less likely b/c of the correct bias voltage. Any ideas?
Car is a 97 Z-28 with a 5.7 V-8. Hesitates almost to the point of stalling upon gentle accel from a stop, slightly rough idle (barely perceptible), and it's driving me nuts trying to fix it. All other checks seem ok -- MAF, MAP, plugs, throttle sensors, knock sensors, etc etc etc, just this one aberrant O2 that did not resolve after replacing the sensor.
Thanks again everybody, all the input has been excellent.
-Scott
PS I'm hijacking my own thread I suppose, if that's a problem I'll repost it elsewhere, just let me know

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