As pointed without an O2 sensor the ECM reverts to a mode that depends on set default values in the program for a cold engine. Those values are fixed and do not allow adjustments for conditions of engine operation. The engine will run but on the rich side as it is operating in a safe default mode with an Air/Fuel value that must be used for all operating conditions. Your mileage will plummet. I would replace that sensor ASAP.
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" THE BLACK PARALYZER" -87GT 3800SC Series III engine, custom ZZP /Frozen Boost Intercooler setup, 3.4" Pulley, Northstar TB, LS1 MAF, 3" Spintech/Hedman Exhaust, P-log Manifold, Autolite 104's, MSD wires, Custom CAI, 4T65eHD w. custom axles, Champion Radiator, S10 Brake Booster, HP Tuners VCM Suite.
"THE COLUSSUS"
87GT - ALL OUT 3.4L Turbocharged engine, Garrett Hybrid Turbo, MSD ign., modified TH125H
" ON THE LOOSE WITHOUT THE JUICE "