I don't think it'll work even for initial acceleration since opening the throttle passed a certain % the car goes into open loop and doesn't listen to the signal from the O2 sensor. The greatest benefit from this may be for fuel economy when cruising (leaning out the mixture) and maybe a bit more performance at part throttle (when enriched) but then you'll lose fuel economy.

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190E 3.0-24v (M104 980) turbo @ 0.8 bar
1/4 mile: 2.483 / 13.540 / 175.17 km/h (street tires)