That is a good plan for the O2 sensor. If no changes are made to the engine systems you're mixture is probably pretty good. Jetting changes made with plug checks is a guess at best with todays fuels. Feedback is the only way to do it with any sort of accuracy. The GS500F carbs have 3 distinct circuits and the O2 feedback will let you know how each is operating, something a plug check is very very difficult to do. Because the narrow band sensors and gauges are so inexpensive it's really worth it to use this method for a benefit for years to come.
I question the use of a vacuum gauge, as the CV carbs doesn't let port vacuum drop so far as to be a problem. The good point though is it gives some feedback on engine load, which may be your goal.
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Good design is simple. Getting there isn't.
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