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No, it just makes it so the computer is always ready and never throws codes. It's basically how cars without cats still pass inspection.
But for around $200, you can get your car tuned to your mods and pick up another 15+ hp.
There are a couple things to ask for with a tune:
Have the fuel cut off raised to 255mph. This makes the car drivable in case the column lock starts acting up.
Have the rev limiter raised to at least 6500rpm. Any higher and you will need better valve springs (I have mine set to 6900rpm).
go to the hardware store and fine some washers that will fit around the o2 sensor of various thicknesses. you can space the o2 sensor using these away from the exhaust causing it to not see so much air flow, and reducing the reading. play around with the spacing and see if you can get the code to go away. I don't know of anyone who's tried this on a vette, but a lot of people do this with tuner cars. It's worth a shot for only about a dollar.
go to the hardware store and fine some washers that will fit around the o2 sensor of various thicknesses. you can space the o2 sensor using these away from the exhaust causing it to not see so much air flow, and reducing the reading. play around with the spacing and see if you can get the code to go away. I don't know of anyone who's tried this on a vette, but a lot of people do this with tuner cars. It's worth a shot for only about a dollar.
go to the hardware store and fine some washers that will fit around the o2 sensor of various thicknesses. you can space the o2 sensor using these away from the exhaust causing it to not see so much air flow, and reducing the reading. play around with the spacing and see if you can get the code to go away. I don't know of anyone who's tried this on a vette, but a lot of people do this with tuner cars. It's worth a shot for only about a dollar.
this did NOT work for either my 04 GTO or my c5 corvette..
but worked on a friends S2000.