This would be extremely hard to model in CFD. The primary reason is because of the fact that the flow is not "constant flow", but basically a series of 6 pulses for every 2 revolutions of the crankshaft. It would be neat to try to CFD the problem, but as stated above, it would be a nasty problem. Besides, does anyone have a 3D model of the stock GN manifolds handy? How about a 3D scanner to make a model? You could spend weeks on this.
Maybe a little engineering common sense is in order. First, with the bends, corners, welds, joints, etc. plus the high Reynolds number in the exhaust system, the flow is going to be turbulent. Laminar flow in anything involving an automotive engine is pretty rare (one glaring exception - the flow of the air going through the screens in the MAF - look at the extremes the MAF designer had to go through to ensure laminar flow through that thing!).
Does the oxygen sensor in the exhaust pipe cause a flow restriction? You bet it does. Jeez, when you take your turbo off, just look at it - the sensor probably takes away 5-10% or more of the cross-sectional area of the pipe (depending on which one you have). However, remember that when this system was designed, non-heated oxygen sensors were used. The engine systems guys had to put the sensor in that location to get a combined reading from both cylinder banks and to keep the sensor as hot as possible. The question is this - in the grand scheme of things, how much of a restriction is it, really? Well, the biggest restriction by far in our exhaust systems is the turbine of the turbo. A "rule of thumb" is that the pressure in the exhaust manifolds is roughly 2X the boost pressure (very general, but in the ball park). At 25psig of boost, there is probably about 50 psig or more of back pressure in the exhaust manifolds for my TA49. So, there is something like a 50 psi pressure drop across the turbine of the turbo. How many psi pressure drop occurs when the exhaust flows past the oxygen sensor? Not nearly that much!
Now, if you have a really large turbo with a free-flowing turbine, then the effect of the oxygen sensor at the turbine inlet is probably significant enough to consider removing it. Actually, just the restriction of necking all of the exhaust flow down to a single ~2-inch opening at the end of the passenger-side manifold is probably a factor when running a large, free-flowing turbine. The presence of the oxygen sensor would just make this a bit worse.
I'd be interested to see some back-to-back runs with and without the oxygen sensor. I'd love to see that with a car with a small turbo (TA49 or similar) and a big turbo (the 700 hp variety). My "engineering estimate" is that for the small turbo, removing the oxygen sensor won't help anything much (spool-up, maximum boost, hp, etc.), but for the bigger turbo, it might help a little.
Then again, I could be wrong...

However, my thinking is that on most cars, there are other areas that will yield more bang for the buck.
Anyway, interesting discussion, all. But I'm still not putting one of those Tornados in my intake pipe!