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The answer is yes. I just can't believe the paying venders don't answer easy questions like this.:eek:
Yes, once all CAT test codes are disabled, including 420 and 430 :yesnod: you can do with those connectors as you please. If you're not able to connect the rear O2's to the exhaust in the usual way, you can leave them connected and tie them up into the bottom of the floor boards. Otherwise tape off and seal those connectors well. Not taking care of that may come back to haunt you.
Many of the off road setups I have seen built leave the holes for the o2 sensors. That way you can leave them bolted in without chopping uo the wires in case you ever want to return the car to stock. For my setup, we added an x-pipe where the cats were, but left the section in with the o2 holes.
You should never chop the wires, just zip tie them up into the bottom of the car, or, like you said, maintain O2's on them in some bungs. Either way will work.