The stock ECU runs pretty fat, I doubt that the EGT will hurt any sensor. I think all narrow band O2 sensors are the same anyway (with the exception of heating techniques).
The 'secret' to the exhaust flange tightening is to beat the car around for a while, pull it into the garage and immediately tighten the extremely hot bolts to a very snug level.
You should check your engine mounts, a bad engine mount will cause exhaust pipe loosening.
I doubt that your stock engine torques hard enough into good mounts to do much flexing of the exhaust.
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1986 GXL ('87 4-port NA - Haltech E8, LS2 Coils. Defined Autoworks Headers, Dual 2.5" Exhaust (Dual Superflow, dBX mufflers)
1991 Coupe (KYB AGX Shocks, Eibach lowering springs, RB exhaust, Stock and Automatic)
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