Welcome to the forum! I absolutely love the level of detail which you are bringing to this project. I hope you are able to find a way to improve efficiency for your engine.
I am impressed that you were able to locate a set of CR43TS plugs!!! They are discontinued. Folks don't understand the "commercial" grade of the plugs included larger electrodes which lead to longer life. Well done!
In regards to the O2 sensor I would watch sensor activity for responsiveness, and I would look at the sensor output to see if it's frequently reaching maximum and minimum values while operating at cruise. Early ECM's are notoriously poor at flagging a lazy O2 sensor.
The Zirconia element of an O2 sensor will generate a voltage when there is a difference in oxygen content between the exhaust gas and ambient air. If for any reason the O2 sensor "ambient air" sample is corrupt, the sensor readings will be incorrect. My understanding is the ambient air sample is taken from the area inside the metal shield on the outside of the sensor, or in some designs, from air trapped inside the signal wire. It is conceivable that the signal could read incorrectly despite the sensor being fully functional. I have seen cases where leaking oil caused high HC content air (read smoky) to form under the engine which in turn forced the O2 sensor lean. Although it's rare, I do believe it's possible for the sensor reading to become "shifted."
I expect you will find the low baud rate of your ecm will not always offer a representative sample of what the O2 sensor is "seeing." At the dealership we would break out a voltmeter when we had to monitor signals for the old ECM's. That was the only way to see what was happening! When I started ECM tuning in the '90s the DVOM was a critical component to getting accurate signal readings. Bob of Dynamic EFI designed a tool that reads sensor data at a frequency much closer to what the ecm actually sees. That is a substantial part of what makes the Dynamic EFI option attractive. But it doesn't mean you can't make improvements with the stock ECM.
I do want to mention that the original owner claiming reduced fuel economy after AIR pump failure does not necessarily correlate the two issues. Based on information you have, is it possible the previous owner may have been lax in recording fuel economy prior to the AIR pump failure? I ask because, as a mechanic, it sometimes seems like people will not look for change until there's an event that requires them to look for symptoms. Is it possible that fuel economy had been slowly decreasing over time? Regular and expected wear over time will cause reduced ring sealing, camshaft timing delay, reduced valve sealing, increased valve guide and seal wear, carbon buildup on valves (and associated compensations), and intake manifold deposits. Is it possible that your L05 is experiencing issues related to any of these conditions? If so it would be tough for the ECM to flag an issue. These problems can each cause a small change in efficiency. Added up they can cause a noticeable change.
Finally. if your diagnostics are not able to flag an issue, would you consider making changes anyway? There are cams that are much better at providing improved economy and performance than the '89 TBI cam. Engine knowledge has improved dramatically in the 35 years since the L05 cam was developed.
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