You are almost off the chart on both HC and CO - I think you have something more basic than the O2 sensor wrong, like the fuel distributor, EHA, start valve, or the warm-up system. Something would appear to be dumping a lot of unneeded fuel into the cylinders, which is consistent with your note about fuel economy. If you don't deal with this promptly, you will foul your converter.

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Chuck Taylor
Falls Church VA
'66 200, '66 230SL, '96 SL500. Sold: '81 380SL, '86 300E, '72 250C, '95 C220, 3 '84 280SL's '90 420SEL, '72 280SE, '73 280C, '78 280SE, '70 280SL, '77 450SL, '85 380SL, '87 560SL, '85 380SL, '72 350SL, '96 S500 Coupe