LM-1 wideband question.

Nope. I had one, never installed, but did a lot of research and the base kit is just fine. The extras can be nice to have and make the tuning process friendlier, but they are not needed. BTW, Summit Racing had the best price on that kit 6 mo ago when I shopped around.
 
The RPM converter is a HUGE plus. It takes the guess work out of trying to figure out where in your RPM range, you need to add or subtract fuel. I've run the LM-1 both ways. With and without the converter. Having a point of reference for your AFR is a HUGE help. Aside from knowing where exactly in your range you're fat or lean, it also tells you simple stuff.... like whether you were on or off the gas at that particular point.

(that last line will make allot more sense to you after you've viewed your first AFR graph)
 
While on the LM1 subject, I have one on the way with the rpm converter, which someone gave me a discount code that got me the $429 kit for $343 shipped. Where do I weld the bung in, and on which side.? I have bbk longtubes and off road x pipe.
 
the lm-1 is great for reading afr and rpm but you cant really tune with it. you need a pms or something along those lines. you can adjust fuel pressure a little but i wouldnt mess with it more then a couple psi. to do a good tune you need to be able to adjust timing through out the rpm range, not just base timing, and you need different amounts of fuel at different rpms which fuel pressure cant do.

i used my lm-1 to dial in afr on the top but now that i have my pms, the real tuning begins