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When I bought my truck the O2 was clipped at the stock pipe, and a poor homemade exhaust system was installed. I just put Headman long tubes, and had duals with no cat installed. I was wondering if I could install a O2 in one pipe and get the correct voltage back to the ECM. I wish I would have thought about this sooner. It seems there is nothing you can do to fool your O2.
Having the O2 sensor in one side of a dual exhaust will work just fine on these trucks since they are batch injected (4 injectors fire at once, two on each bank).
Having the O2 sensor in just one pipe will work fine. There is so little difference between the two cylinder banks that the computer will never know, especially with a factory narrow band sensor.
I have a wideband O2 sensor in my truck and it is installed on only one cylinder bank. I have bungs in both headpipes and have put the sensor in each side and then datalogged the runs and saw no difference from one run to the next.