David the msd system uses a narrow band sensor and is not included so you will have to buy one.
Yes the chip can still run with the iaw software just ask Stu to enable comms.

On mine on 55lbs i can get over 30 mpg off boost and it drives really well for a 94k car.

For the indeepth info you will have to ask Stu but its well worth it imo.

Hope that helps
Paul