donZ - It depends on the fuel. Different fuels have different resistances to exploding, which is why higher octane gas is generally preferred. As you run leaner, you run hotter, and the heat will ignite the air/fuel mixture, so, the more resistant the fuel is to detonation, the leaner/hotter you can run.
No specific O2 value is "correct", particularly from car to car, but the O2 value can indicate trends and ranges. The NB O2 sensors we are strapped with may not be the most accurate way of tuning an engine, but since that is all we got (for most of us, for the most part), try these guidelines with a stock setup:
91 - 14psi, 18* WOT timing, ~.820-.840 O2s
93 (91/100 blend) - 17-18psi, 18-20* WOT timing, ~.800-.830 O2s
95 (91/100 blend) - 18-20psi, 18-20* WOT timing, .770-800 O2s
100 - 20psi, 22-24* WOT timing, .750-770 O2s
This is
my experience and with unleaded fuel only. We have pretty crappy "premium"gas here in CA, oxygenated and rated at 91 octane. "Premium" gas in your area may be better. Also, every car is different so yours might be able to tolerate a little more boost or timing for a given fuel, netting different O2 readings. Throw in a FM, or a larger turbo, or P&P heads/intake, etc., and that all changes. Currently on my car (FM/PTE52) on 100 I run ~25psi, 22-24*, .730-740 02s, -1.0KR @ the top of third, locked.
If you have very little KR now, sounds like you are pretty much at the limit of the fuel. You could try GM Top Engine Clean to clean up the combustion chambers if there is significant carbon buildup (creating an incandescent ignitor). A cooler intake charge (relocate intake to a fresh air source) can sustain a leaner mixture as it will help keep the AF mixture from exploding.
Here's a decent writup on
Fuels, Detonation, and Preignition that explains quite a bit about fuel.
And here's one on tuning:
Bruce Plecan's Tuning Tips
blackbuick87 - BINGO! Tune the car to the edge of detontion/preignition, and then back it off a tad to allow for operating environment changes. The O2 numbers will be what they will be!
:-Dean