I have to disagree with your theory Fuel related to the cutout being Opened/Closed.
I have a DMH electric cutout on my SSEI with headers and a catback, wideband, DHP, and all the supporting. My Fuel Trims, Wideband, IPW, and MAF are the same while scanning at the track with the cutout opened or closed. Also there is no difference in the WB02 reading while cycling the cutout opened/ closed while driving..
While in theory your statement is true, its not true in the real world application