change the input to ana3 and fill in the voltages
now whether closed loop will remotely work is a mystery TBH but yeah you should be getting meaningful readings to map to since the lookup for the target lambda is done by AFR
try it and see
what price is the sensor by the way?
and also with regards the controller have a look at http://www.diy-wb.com/info.htm it has all the info you should need
you said yourself it needs a perfect 5v input, now what the controller does is use the difference between the 5v and the output voltage to give you a richness figure
plug and play it isnt....but i am speaking from mbe experience as it needs 2 maps plus a controller to give you an AFR figure, the dta looks a little simpler as you can directly change AFR vs voltage