The biggest reason to have the O2 sensor is to run the ECM in "closed-loop" configuration. That allows the fuel maps to be leaned out to maximum when running steady state throttle conditions. Eliminating the O2 sensor input keeps the fuel mix richer steady state so throttle response is faster (doesn't have to ramp up fuel). Most of the folks doing the PC3 or Tuneboy have little interest in going "green" they do it for more grunt. You can decide which way you want to go, my guess is you'll not be putting the O2 sensor back into the loop.