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The right and left bank front sensors adjust the fuel mixture while the right and left post converter sensors monitor the catalyst efficiency and make no fuel adjustments.
OBD II requirement to signal the driver, via the SES light, that a catalyst(s) is not functioning properly. In the olden days, prior to OBD II, the Cat(s) could be failing to clean the air, and the customer would never know.
How does it measure the efficiency? Its essentially getting the same exhaust gases as the first sensor. How far are they apart? Oh, its after the Cats, I see.
The 2002 vette motor in question is going in a '63 vette, so no worries about emissions. While it will not have the emissions of a 2002 vette with a cat, it will be much better than the stock carburated engine's emissions.
Well it should be easy enough to simulate the O2 sensor as I can just wire it in the center of the O2's range.