O2 Sensor burned out or not?

[1984 Carburetor'd 2.3]

I have a Really bad pinging problem between 2k &2.2K RPM>>>
I have the timing at ZERO TDC because I can't do the 6Degrees BTDC>>> have the EGR vac disconnected>>>
Connected an OBD1 and it says Code 41:
HEGO (HO2S) Sensor voltage low/system lean
Will that be a Ping Problem
Attached are pictures of the O2 Sensor and it is original equipment 1984
Will replacing it do something for the Ping or just throw money at it?
Whats this thing supposed to look like

get rid of the PING

 

[General karthief]

You have three threads going on the same problem.

 

[1984 Carburetor'd 2.3]

You have three threads going on the same problem.

Wheres the delete button I will clean it up real fast