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Well, the bike has run without working oxygen sensor for last few years. My understanding is that ECU as default map that it is running when O2 sensor is not giving feedback. TPS, IATS etc sensors are monitoring the FI system and giving feedback to the ECU. I have only driven the bike 100km and can't complain about the power lack or anything like that.
It is hard for me to belive that tricking the ECU to think it is running OK without PC is the only way to go. ECU gets the info from all sorts of sensors.
PS! Only EU bikes have O2 sensors. You are saying all the USA bikes run with PC?