Interested in what the issue is.
The engine is definitely running lean based on what you can see when driving, but the O2 thinks it's still too rich. The O2 sensor isn't the issue since you've replaced it. So either it's mechanical and that one cylinder it's mounted in really is running rich (intake manifold distribution? I know very little about small blocks), the wiring between sensor and ecu has an issue that feeds a >0.5v signal constantly or the ecu itself isn't using the O2 data correctly.
Can you watch ecu data with the moates stuff you've got? I've got their demon module in my obd1 Honda that does that. If not, maybe just backprobe at the ecm what the O2 is reading while running. See if it's switching at all? Not sure how to limit fuel to the one cylinder on a tbi setup. If it was reading lean you could have added propane to a vacuum line while running to force it rich. Might be able to see it go lean on fuel cut off after you snap the throttle shut?