Hey JaBoT,
Check for vacuum leaks, I found that on my hotair car, my neck adaptor under the turbo wasn't on right after just reinstalling it and it was sucking some major air. Really couldn't tell by driving, other than my vacuum guage on my boost gauge was 5 hg lower. With the motor getting excess air through a vacuum leak, the fuel mixture will not be right, which causes the o2 sensor to read odd. Mine was darn near 0mv, occasionally getting into 700mv, with the ecm seeing the low 02 reading, it dumps gas in and retards the timing, ALOT when down near 0mv. Mine was actually hitting 60* retard.
I would check all your intercooler hoses
good luck!