I have been researching this for about the past 2 weeks considering doing it also, and now I stumble upon this thread tonight. I would be doing it for more tuning purposes than for looks, I don't even know if I would leave it mounted permanently. I was thinking the same as some one else said earlier, if it was in the collector it would be a rough average, you still have to guess at where you are on each individual cylinder, but I feel it would help find a ballpark figure. I was considering tapping all four head pipes but I wouldn't want to see the plugs on my header, I was first looking into the narrow band but it seems it is more of just a jumping light show, from rich to lean and never consistent, I think they read from 0 to 1v and .5v is suppose the be 14.7:1 AFR. So I started looking into the wide-band i think they are 0 -5v , I also was researching how to build the controller instead of buying one, but later found that it's almost just as much as just buying the kit. I was wanting to just use in the shop to test through the throttle positions, with the rear wheel on rollers and the front bound down instead of running down the road, I guess you mite say a home made dyno in a way. I have set my carbs the shade tree way first with a bench sync, then gauges, and running down the road and seeing if it surged, check plugs, shaved the slides down .010 to close the air cutaways, (POD air filters) yes they SUCK. 849cc 10:1cr, ported head, stainless manly valves, hd springs, stock cam, '73 carbs 120mains, 40 idles, air screws 3/4 turn out needles in the middle clip setting. No surging, the only thing is at WOT after a few seconds I get denotation, if I raise the needle one setting then I'm too rich, so I'm thinking of trying 125mains, at cruising speed of 70mph seems good, although I would really like to know where I'm at in the AFR, So that's my reason for wanting to do this, I would much rather run at 12:1 or 13:1 rather than be at 18:1.
An advantage I could see with it being mounted permanently is when the weather changes, you can monitor if your running lean or rich and make the adjustments for that time of year.