I would not assume the 02 sensor is bad because of the wide swings. I have always thought the 02 was actually working well when the scanmaster indicated wide cycle's like the ones you described. When my last Denso went out, it was staying consistent between 330 and 410 all the time no matter what the speed. Also started getting the check engine light for 10 seconds, and then it would shut off.
I am no 02 sensor expert, so someone else chime in if I am wrong.
I am no 02 sensor expert, so someone else chime in if I am wrong.