It seems to me that even such a simple setup gives some useful information. Am I correct?
Yes, as long as the sensor is located far enough upstream from the end of the pipe, it is that simple.
Your post reminds me I'm a little behind in my plans to continue my tests. Shortly after my last post my attention was diverted by riding in the annual Irish Rally, and shortly after I returned a 6 ft. x 12 ft. enclosed trailer entered my life which most of my "garage time" has been spent modifying ever since.
Making a long story short, when I rode on the Cannonball a year ago I made detailed notes of the rigs the other teams used for support, and how they were configured, and decided a suitably-customized 6'x12' trailer would be optimum for my use. After half-heartedly looking for one for the past year, in early September a used trailer appeared on Craigslist at an attractive price and I bought it. Phase I was to get it modified to haul two (three in a pinch) bikes, which I completed a few days ago. Future Phases will be to install a toolbox that I already have, fabricate a bespoke workbench, add LED lighting, etc., which will be an ongoing part-time effort in the months to come.
Anyway, there's a direct relationship of the above to air/fuel mixtures. A limitation I've faced is only being able to make jetting runs in a suburban area within about three miles of home. The trailer will let me quickly load a bike, tools, jets, and laptop and haul the lot to a more suitable location out of town where I can make longer runs over more varied terrain, download and analyze the data, rejet the bike, and make additional runs. In other words, the trailer is an essential accessory to my A/F instrumentation.