You dont want to run a wideband that close to your turbo, like where your narrow band bung is. You really want to put it at least half way down your down pipe or on your test pipe. In that event your best off leaving the narrow band hooked up too because your going to either have to cut those wires and leave the skinny sensor in there or plug off the hole.
I do simulate my sr's narrow band with my lc1, it isnt as perfect as it would be with a factory o2 sensor but does work pretty well. Im sure I could play with the settings some to make it better but I dont care as I rarely actually drive the car. My suggestion is to run both because your factory location is not where you want to run the sensor in the first place.
The only reason I ever simulated mine is because my factory one took a dump.