HI,
Silly me, The E36 does of course have two pre sensors as the closed loop system works on 2 banks of 3 cyls. Your intake and exhaust mods would be likely to effect both banks the same, if at all, so I guess you only really need to look at one signal.
When the engine is lean, the signal voltage should react immediately and go high. When it goes high (or low) it stops switching until the mixture comes right again. In this case you would not need to measure with any accuracy the switching rate of the sensor, just if it stops switching and if it goes lean or not, so any meter will show you this. You should see the digital readout change constantly even though you will not know what the true min and max figures are. It would probably be enough for you to know that it is switching. One problem here though. The sensor does not switch all the time. Once you accelerate, even a small amount, the required fuel to lift the revs will cause a natural and correct rich condition and the sensor will react as such. The same is true on deceleration as the injectors shut down and the engine dumps big gulps of air into the exhaust without any fuel thus showing a lean mixture. The sensor only switches well at idle and cruise.
If you are suffering what you suspect to be a very lean flat spot then watching the signal could prove this to you. As you open the throttle the signal should drop low to show the acceleration enrichment and then go high to show the lean problem BUT it would have to go very lean for this to work.
If you want to see how effective this can be, connect your meter and allow it to idle. Watch the way the reading floats all over the place and then give it a few quick revs. This should dump in fuel and cause a rich condition for a few seconds. you can also pull off a vac pipe to induce a leak and see the opposite effect.
HTH
Alan