I think that he means to use his wideband to monitor and data-log this 5V reference.
Yes, you can use the Innovate LM-1 (or equivalent) to log sources of this kind. The wideband will not interfere with this reference.
Yello05 is correct about NOT using this as a power source. I can't imagine that, that's what you were planning since I'm not aware of any wideband units that source 5V for power.
Most wideband put out a 0-5 volt output to run into an EMS if you have one for o2 feedback. I don't know any wideband that needs a 5 volt input. Just a 12v power, ground, and sensor connections.
It's not a matter of "needing" anything. There are several wide-bands that are capable of reading multiple 5V references and data-logging those references, right along with AFR, LAMBDA, and RPM. When you go to view the data, it will show you a band or bar graph right along with the other references so that can see what your selected 5V reference is doing at the same time.
The Innovate software even lets you setup the reference in either a pre-set scale or allows you to build a customizable scale so that the graph shown is already converted into usable information.