It seems like this should be an easy way to make a crude Air/Fuel gauge for basic carburetor tuning on normally aspirated cars.
You can with a narrow band sensor but it does not tell you much. Hook the heater up to 12V and measure the output of the sensor. With the engine running, the sensor will read 1 volt when at 14.7 to 1 AFR. Any other voltage indicates the AFR is not stoic.
Wideband sensors give you a lot more information but they are not linear and indicators like the LC-1 translates the voltages for you into AFR. There are Arduino applications to do the same thing:
https://www.youtube.com/watch?v=W9Izy425jGQCraig