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ECU will operate in OPEN LOOP. It will not be able to monitor the quality of combustion, to make change in timing, and fuel trim. Poor MPG would be the biggest problem, as well as lack of power, exhaust smoke, oil contamination by fuel, glazing of cylinder, rich or poor AFR, carbon deposit in the engine. It all depend how long you drive without O2 sensor.
IMO, just put back your 02, buy another bung, and locate your wideband where it should be, about 6 to 12 inches in front of cat(or where it should be), at an downward angle of 15 degrees.
Frank
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