I believe the LM-01 has the ability to simulate narrow band outputs. You could do that. However, Most wide band do not like excessive heat, unlike their narrow band brothers, and can foul up easily. I would suggest that you weld in a second O2 bung midway between the turbo and the cat. This way you will not get incorrect readings from the sensor getting too hot, and falling out of calibration, nor will you get a delayed readout from having a sniffer tube up the exhaust pipe.
Recalibration of the wideband sensors can be done by yourself, but it is time consuming. They are something that you use for tuning, etc and remove as the sensors can be damaged if they are used continually like the narrowbands.
Hope that helps.