I don't know much about the differences between the LM-1 and LMA-2. I'll have to defer that question to someone else. At one time, there were two difference sensors out there bosche (more expensive) and one other which was cheaper, but required a different controller. As a result, there were different controllers for each sensor. Perhaps the LMA-2 supports multiple sensors or is made specifically for one. Look for a controller that supports mutliple sensor types if there is such an animal. Sensor price differences was something like $175 compared to $100 - significantly cheaper.
I can tell you that the wideband units will read mixtures from about 8:1 to 20:1, which is good enough for almost any application. The regular narrow band O2 sensors only toggle between about 14.4:1 and 15:1 which isn't much use to anyone for tuning -- just a blinky light.
Like any O2 sensor, they are sensitive to certain RTV compounds and other "fumes". As a result, if you've used RTV to seal your intake parts, make sure the sealant is O2 sensor safe.
Beware that there are recommended mounting positions for the sensor itself. The main thing about mounting is to angle them up enough so that condensation doesn't pool inside the sensor. Just keep that in mind when welding in the bung(s).
Check out
http://www.wbo2.com/ if you haven't already. Lots of good info buried throughout the site. Once upon a time there was a do it yourself EFI project that had an WBO2 off-shoot. I think it's pretty much defunct now, but you may be able to subscribe to emails from it by visiting
http://www.diy-efi.org/ and clicking the widw-band O2 link.
Have fun.