Lambda will obviously always be 1.00.
I've experimented with E85 by changing commanded CL afr to 9.8:1. Wideband said it was pretty close around there. And, I tested this method for a lot of miles.
Fuel trims will do whatever it takes to get lambda and commanded to match.
You will probably see inaccuracy from the sensor past a certain point, but since load is low for the most part, it won't really matter.