It's pretty unlikely that cleaning will restore an O2 sensor but there have been several reports of success at cleaning them.
I guess it boils down to the value of the labor involved. Personally, I'd probably order the part from a source with minimal restocking charges and not open the plastic bag before removing and inspecting the old sensor. Odds are that it's already completely clean due to the high temperatures in there but if it's clogged with ash you might have luck cleaning it.
Chisight
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O2 Sensor Cleaning?
