Flash,
You're right about the chip. I went ahead and put the stock chip back in just to rule it out, and it made no difference - still wheezing and stumbling under any kind of load.
As far as your head gasket/cracked head theory, I guess I can't refute it, other than to pray it's something else, because something of that magnitude (the head, anyway) would force me to take the car off the road for months; my other car just died, forcing me to buy a new one, which puts a severe dent in the 968 repair and tinkering budget. I'll go ahead and do a compression test just to see if things look tight. If I get 180+ psi in all cylinders with a very tight distribution, do you think it would be safe to put the head gasket/cracked head <img src="/forum/images/smilies/968/ohmy.gif" class="smilie" alt="" /> theory aside for now, or would you do a leakdown test even if the compression test is perfect?
Back to the O2 sensor for a minute, could a bad one (but not bad enough to show up in the flash codes) be responsible for a stumble as severe as the one I'm experiencing? I realize that with 87K miles, it probably wouldn't hurt to replace it, but I'm becoming very convinced that my car's problem has nothing to do with its "holistic health." By that I mean that I've done a lot of stuff that are good overall things for any car (cleaned injectors, new coil, flushed fuel system, new fuel filter, etc.) to absolutely no avail. My car's problem is something very acute (to continue with the medical analogy) as opposed to something chronic. I need (hopefully minor) surgery, not herbal treatments or massage, and I'm afraid a new O2 sensor, as overall beneficial as it might be, won't attack my specific problem. But I could easily be convinced otherwise with data.
Also, I've e heard that generic Bosch O2 sensors are available for the car for about 50 bucks, by I called the only auto parts store in town that carries Bosch parts, and they want $93! A little high for something I have doubts will help.
Oh, and I pulled out of this weekend's DE. It just doesn't sound smart to spend two days driving at the limit with a car that's running so crappy.