O2 sensor will not cause bucking. The EGR valve "working" doesn't mean it's actually working. The reason for the bucking is that the carbon track inside gets worn.
You can try drilling a hole in it and spraying it with contact cleaner, people have had good success with that. I'd probably just replace it though, there's nothing like the feeling of a new EGR valve.
The code means your secondary O2 sensor has failed.
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Insight #1 - Silver '01 5MT @ 158,388 as of 7/11 - Best Tank: 84.5MPG over 807mi

Insight #2 - Silver '01 5MT @ 450,000 as of 1/12 - Best Tank: 86.0MPG over 800mi

Insight #3 - Silver '00 5MT, MIMA #163P, BCM Gauge, OBDIIC&C Gauge, BetterBattery @ 228,869 as of 1/12 - Best Tank: 78.4mpg over 687mi
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