Bill,
Having done that and since removed the o2 sensor I'll comment.
Did what you are doing in an attempt to calibrate or adjust the carb as you've indicated. All I really managed to do was chase numbers and mess with a carb.
I still have the bungs in the pipes but gave the FAST dual channel meter to a friend that has a dyno.
FAST Wideband Digital Air/Fuel Meters | FAST
I've also played with 4 different carbs ranging from 670 to 940 and can attest to the fact that to big is just as much trouble as too small. But too small is usually easier to drive than too big.
My suggestion is to find a good dyno and carb tuning guy and have the engine tuned properly. This will be a combination of carb, ignition & timing and valves. Then drive it. Certainly there are times when corrections need to be made but generally a good tuner should be able to get it dialed in. I do believe that good tuners are far more unique than bad ones.
But at the same time we buy these little gems, these black holes for all available cash, to have fun with and build to our liking and heart's content so have at it if you are so inclined.
PM if you want more.
Jim
SPO 1855 RDI AL427W & 2584 PE 421W