Yes, that looks like you have a failing WBO2 sensor.
http://forums.holley.com/showthread....ension-Harness (WBO2 Sensor Info - Read "Wideband O2 Sensor Notes")
http://forums.holley.com/showthread....7571#post27571 (Additional Troubleshooting Information)
I would temporarily disabled Closed Loop (to ignore the WBO2 sensor), and clear the Learn Table (because it may very well be corrupted from it). The Learn Table must be cleared, or you must load the last "known to be good" Global Folder. If you have a "known to be good" Global Folder (Learn has self-tuned the Fuel Table), you can run the engine in Open Loop mode, until the replacement WBO2 sensor arrives. Also, ensure you're using the latest EFI software & ECU firmware (Link); it has "Oxygen Sensor Control Updates" (Link - HEFI_1589.eep).
• If you suspect a failed WBO2 sensor, and your Fuel Table is well tuned, you can disable Closed Loop (in System Parameters), and the engine should run fine until a replacement WBO2 sensor arrives. You can do this to determine if the WBO2 sensor is at fault (at least at idle), because in Open Loop mode, the ECU ignores the WBO2 sensor. So if the engine starts running good in Open Loop mode, you've found the problem. Just ensure that you don't disable Closed Loop mode while the Learn Table is corrupted from a failed WBO2 sensor. Clear the Learn Table (if the percentages are erroneous from their nominal values), or load the last "known to be good" Global Folder. Also, if the ECU detects a WBO2 failure, it will go into Open Loop mode.
• If you experience a failed WBO2 sensor on a fairly new EFI installation (low miles), ensure the current WBO2 sensor location isn't causing damage by exhaust condensation thermally shocking the sensor at startup and/or during the warmup period. If you suspect it is, install a sensor bung at a better location, use a taller O2 sensor bung or use an Innovate Motorsports HBX-1 to move the sensor probe out of the direct exhaust stream. I've been successfully using HBX-1 Heat-Sink Bung Extenders for many years.
↑ This is referring to the "wet" gases flowing through the exhaust system while the engine is cold. On most vehicles, you can literally see water spitting out of the tailpipe(s). It's imperative to prevent this water from contacting the WBO2 sensor, because it will thermally shock the heated sensor. OEM engineers go to great lengths to locate the WBO2 at its optimum location. Anyway, a poor sensor location can actually blow water directly at the sensor probe. Look at the routing direction (angle) of the exhaust pipe just ahead of the sensor. Does it "direct" the water right at the sensor or away from it?