For some reason replacing my oxygen sensor seemed like a major undertaking before I just did it. it's rediculously simple, and I feel like a chump for making a big deal out of it.
Anyway, using FR Wilk's page (
http://frwilk.com/early944/misc/oxygen.htm), I called NAPA, ordered a replacement sensor ($28 -- Bosch part #11027), and threw it in there. Previously it my three-wire sensor was replaced with this one-wire. From what I've read the two extra wires 'heat' the sensor to operating temp. quicker than your exhaust will.
Aaaanyway, with the new sensor my idle is steady at just under 1000 rpms, no crazy drops, studders, oil pressure weirdnesses, and it feels much much better. I'm anxious to see how my mileage will change.
So, Thanks FR Wilk for the info