Nice Vette! I'm driving a 71 myself.
I think the problem you might run into by putting the o2 sensor on a single cylinder is that the reading would bounce around - especially at idle. Depending on what part of the combustion event was going on, it may read incredibly lean. By having it in the collector, you at least get to read cumulative result of 4 cylinders at once, with the different parts of the combustion cycle happening on different cylinders.
I have seen someone wire their o2 sensor through the fender vent and out to the collector on a Hooker sidepipe Corvette.
BTW, it is super important that you run a power wire and a ground wire straight back to the battery on the Corvette, on its own wire. I had all sorts of issues until I went back and did it right. I'd also recommend straight wiring the hand held computers power to the battery - using my cigarette lighter plug caused problems with the system, a bad ground I suppose. Can't trust any ground on a Corvette for this system, straight to the battery.
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