The O2 itself may not be the culprit, but by unplugging it the ECM goes into a preprogrammed loop, and no longer considers input from any sensor, regardless of which ones the actual "bad" sensor. There's good info on here about testing the O2, and Haynes manuals have a good section on testing the other sensors.
My car had the same sputtering issues when I got it. Replacing the O2 did nothing for the sputtering. We went through the wiring and ECM pins checking connections and the previous owners ghetto-wiring and must have bumped something into place without knowing it cause its been fine since.
When my CEL comes on, my mpg immediately drops from high 50s to mid-30s mpg hwy (in summer), if thats any help. I'd suggest checking your wiring/connectors.
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