have a friend hold a balled up rag over the exhaust outlet and look for leaks if you have a leak before the o2 sensor it could be either drawing in fresh air or letting exhaust out either way it could mess up the o2 reading and there for fuel and this could be exaggerated at high rpms. ie a higher percentage of exhaust is forced out the leak because theres more pressure, so the 02 sensor isn't affected by the lost fumes, the car sees too little exhaust, it thinks it isn't burning enough fuel for that rpm ie it thinks it is running lean and dumps in fuel too compensate.
so all that too say yes it could be just a exhaust leak before the 02 sensor
hope that helps
ps also a bad 02 sensor could do the same thing... and they all work essentially the same so you can use a o2 sensor from practically any car so equipped