You could do this but why would you want to? The point of the 02 sensor being used is to constantly keep you at Stoich, 14.7 air/fuel ratio. The pcm constantly uses 02 info in all but PE mode/heavy and WOT conditions to keep optimal fuel economy. There are some guys that will tune pcms like this with on car tuning and assure everything is right, but if ANYTHING at all is out of whack such as a vacuum leak, bad injectors or near any sensor on the engine then the pcm will have absolutely no idea the car isnt running the correct air/fuel ratio and can cause engine damage in a big hurry! Some guys do it to eliminate the MAF sensor and run in speed density mode only but isnt easily done with these cars from what I have seen.
