Yes, the cipher cable will show you the info, but without the reflash ability, you can't get rid of the code. In my car its as simple as selecting the fault code and turning it off, then reflashing.
Its about the end of my ability- I don't know how the FCon is manipulating the ECU data. Best to get them to have a play with the O2 functions within FCon, and see if its able to take the role of O2 correction on.