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For oil burning I would be checking the PCV system.
K&N filter is prone to fouling the MAF sensor, clean it. The oil from the air filter gets on the sensor wires and messes with the accuracy of their readings.
O2 bank whatever sensor 2 is going to be the after CAT sensor and I wouldn't bother replacing unless you have emissions testing or it is causing an actual problem like remote start not functioning(probably not applicable here).
96 Caprice with AI 200cc package
Best et 11.5
Best MPH 116
Just another taxi