Answered my question last evening about the ECU compatibility.
Yes, the 86 ECU works in place of the 89 ECU. Engine runs as it did with the 89 ECU.
About the O2 sensor; I read an explanation in the MJ tech section about the Renix systems supplying voltage to the O2 sensor.
Meaning the Renix system uses the Titania type variable resistance sensor, here is an excerpt from that article:
"The third wire, also black is a voltage feed wire, 5 volts, from the ECU to the O2 sensor. The O2 sensor is an O2 concentration sensitive variable resistor. At optimal O2 concentration the 5 volt input feed to the O2 sensor drops to 2.45 volts due to losses across the O2 sensor to ground. That same wire if disconnected from the O2 sensor will read 5 volts constant to ground.
At idle that voltage should read 1-4 volts oscillating quickly back and forth roughly once every second. At 2000 rpm it should run between 2 and 3 volts max, and is optimally running between 2.3 and 2.6 volts at 2000 rpm (in park). A digital meter can NOT be used for reading the O2 sensor voltage, but it can be used to test the ground and the 12-14 volts to the heater and the 5 volt feed from the ECU with power on and engine off. You must use an old style analog meter with the needle gauge on the display to see the voltage swing back and forth with the engine runing. "
With that understanding,using a Zirconia type Oxygen sensor would prohibit the ECU functioning as it should as it produces a voltage with engine running ( zero to 1 VDC ).
Bottom line: should I see voltage on the O2 sensor plug (coming from the ECU w/ Sensor not connected) as the above article said ?
Thanks. 89base