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I don't know about modding the O2 sensor, like Daox said, narrowband sensors are really only set to work at stochiometric ratios. However, I have modified the Exhaust Gas Recirculation (EGR) valve on my Accord with good results. The Accord uses a resistance value to figure out how far the EGR valve is open, so by connecting a potentiometer to the valve's lift sensor circuit, I can dial in more resistance to open the valve more or less. I added a switch to toggle in and out of the modified circuit, but so far I haven't had to switch it off.
The modified EGR circuit seems to be giving me a 10-15% bump in fuel economy, mostly at moderate throttle openings, but I still need to formally test it.
Autospeed has a writeup of their own test (which inspired me to try it) where they modified the EGR on a first generation Honda Insight, and they ended up with a solid 10% improvement, mostly in city driving.
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