I use the O2 religiously, but keep in mind that it is a "bang-bang" sensor meaning it will be above .456V when rich and below .456V when lean, but how rich or how lean, it doesn't know and the output can vary wildly between sensors for any given AFR. The only thing you can count on is:
1. It will read right at .456V at stoich (14.7:1).
2. In the 800-1000mV range, it's pretty close to 13.8-12.5:1. That's why the 800mV rule rules. Without an EGT, further AFR tuning is impossible.
I will tell you that the 2.8L engine really likes about 12.8:1. Any leaner and the cylinder temps get pretty high.