Where/how did you mount the O2 sensor? I've been toying with this (but still have a bunch of more important things to do to the boat), and then
@achris mentioned this colortune deal, which also looks like a fun toy.
I bought a O2 plate made by Hardin marine, its 1 inch thick, I cut down and then machined my riser from 3" to 2" so it would fit under the doghouse, and I could use my existing elbow/riser studs. So far so good. I bought a AEM 30-4110 kit which included the wideband sensor, Bosch 17025.
I debated mounting the gauge permanently as once adjustments are made it should remain constant.
I was somewhat concerned about carb tuning as the old pre-vortec had a different intake and was not a "square bore" intake (if that's the right term). Also wanted to be sure I wasn't too lean as that may have contributed to the short life of the old motor. Now I doubt that was the case.
Regardless I wanted some real time info and the kit is relatively inexpensive. as mentioned earlier it made idle adjustments spot-on.
A/F ratio was typically 13.2 as a average through out most throttle settings, Slightly rich which is probaly better than lean and seemed ok for breaking in a new motor. If I accelerated hard I would see numbers go into the 12's and 11's, which is expected. I was going to make a spring change when the rich choke setting took out the sensor.
Merc set those carbs up with specific parts for them, they used a 3 step rod and a three step jet, and the piston for the rods are different as well.
No one could give me a specific conversion for a 2 step rod in a three step jet. Not a big deal as i could change all the parts out to a "out the door setting" for a Edelbrock 750.
That would require removing the air horn, which I was hoping not to do as it was all painted over when I rebuilt it a year ago. Not the end of the world, just trying to avoid and make adjustments with spring changes if possible. Which is the beauty of the Carter/Weber/Edlebrock carburetor.
At the end of the day, I think Merc has these set pretty spot-on for a 5.7, perhaps slightly rich, which is better than lean, however either condition can create more heat.
I will R&R the O2 sensor and probably try a different spring to see if I can get closer to stochiometric perfection......!
It takes time, but is easier and quicker than reading plugs.