A couple of insights. The VEC2 logging will be helpful, however, the viper doesn't use wideband O2 transducers. On the other hand you will be able to extract a lot of usable and helpful data. Sean might want to comment on what accuracy the viper's O2 transducers provide.
As far as not having two O2 sensors with the Innovate, that is no different than when you dyno. I have installed the Innovate O2 well on the passenger side since, my dyno shop inserts their O2 in the drivers side. When you dyno you can use the Innovate to monitor the second side. In addition, I installed the Innovate O2 well in a position so that the transducer can be changed from side to side.
Another hint on the rpm module. For some reason the clamp-on transducer for rpm pickup will not work on my car. I would recommend saving the money and order the auxiliary terminal block without the rpm transducer and merely pick-up one of the coil pack drivers and bring it to the aux input block. I am also bringing a fuel pressure input to he aux block.
For reference all the new Autometer gauges have 0-4.5 volt output for logging purposes, any of their gauges can now provide a logging output that can be brought to the Innovate logger.