The Innovate LC-1 has dual output for narrow and wide band. What kind of sensor did you buy?....I dont know of a stock sensor that can do this.,,,but I suppose you could accomplish with some form of elctronic trickery. Im not so good at this stuff either.
I run a FC as well and it will allow you to switch between closed and open loop. I guess that is one way to bypass the O2 sensor. In Open loop mode the ECU will not take readings from the O2 sensor into consideration so your fuel economy will suffer.