Excellent idea for us with pre-OBDII cars and limited budgets. If nothing else, planting the wires in place gives you an easy way to check the O2 sensor periodically. Or I might get fancy and put a nice LCD gauge on the dash somewhere for continuous display (can't use analog for this due lack of resistance in the gauge).
For anyone wanting some of the tech background to make this work, see
http://www.mr2.com/TEXT/O2_Sensor.html
It gives a nice review of the operation and testing of the O2 sensor.
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Currently getting +/- 50 mpg in fall weather. EPA is 31/39 so not too shabby. WAI, fuel cutoff switch, full belly pan, smooth wheel covers.
Now driving '97 Civic HX; tires ~ 50 psi. '89 Volvo 240 = semi-retired.