IMHO, a digital storage oscilloscope (DSO) or lab scope is the best method to check an O2. The DSO can measure O2 response in milliseconds. Mainly you wnat to see if the O2 has the ability to range full rich (above 850mv) when induced and full lean (less than 150mv) when induced. Also you want to know that the O2 can respond from full lean to full rich within 100 milliseconds. If you know someone that has a DSO, I can explain the procedure, but the cost of a DSO runs around 1500-2500. Kind of pricey to measure O2 response. We have one at work, so I borrow it periodically.