I know old post but it would depend on where the 02 is located, before or after the cat.
On my 81 F100 with a 300 six I am running EFI exh. manifolds and factory Y pipe for better flow and no cat.
The 02 is in the Y pipe before the cat and I have my air fuel ratio sensor in the 02 bung.
In my case I used the good exh. from my parts truck (a long bed) from the mid pipe on back and with the EFI Y pipe and no cat I only needed about a foot of pipe to hook them together.
I did not have a good front pipe or cat to know where the 02 bung would be on the non-EFI system.
If you have a feed back system and it may be still working removing the 02 will put the system in "limp mode".
Oh I see you have a 5.0 EFI same goes for it & the 02, might be even worst?
Dave ----