I recently built such a device, using a 3-wire O2 sensor and
a digital gauge made by Cyberdyne (bought from Summit Racing)
The 3 wire sensor contains its own heater, so distance from the engine
isn't a big issue. I bought a "anit-foul" adapter and cut off the male threads,
then brazed this to a length of exhaust pipe that fit into the
existing pipe.
It works pretty well, though I have to do some more experimenting
with it. I have some more extensive notes that I can send on
(mostly culled from the late, lamented hotrod list), if
people are interested.
What you'd really like is a UEGO sensor, but they're around $900
last time I looked... the O2 sensor I bought at the corner store
was $50, the gauge is $30, and some parts and connectors and
wires and a day's time.
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