Don't do it....Just mount the EGT about 90 degrees in the pipe from the o2. If you have the band clamp type, installation is cinch. I just did mine, and if I can do it, anyone can.
I think you need a heated O2 to move it to the DP and keep the car in open loop most of the time yet. Depends on your chip if this is important or not. I'm doing the EGT thing in the stock O2 hole like you are trying to do and I have a heated O2 in my DP.