The O2 sensor should be able to compensate pretty well for as much as 15-20% offset in fueling. If you can monitor your fuel trims by OBD to make sure you're not exceeding what the ECU can compensate for, it would probably work. Propane has greater resistance to knock, which is good. A quick search suggests flame speed is significantly higher (I wasn't confident about the exact numbers I was finding), which is also good, but with a caveat - the ignition timing required for propane would be different. Specifically, an engine would need to have its ignition timing retarded significantly, or it would actually run worse. If at any point the ratio of propane to gasoline changes, your ignition requirements will also change. Multifuel systems are very much a moving target and you'll probably spend over $1000 in dyno time getting it dialed in across the entire map, not to mention the cost of the engine management.
My question would be, at what cost can you fill a tank of propane? A standard 20lb tank has about the same energy content as 3.5 gallons of gasoline, or $15.40 worth in Minnesota at the time I'm writing this.
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