Run a bottle of a GOOD injector cleaner through the car over the course of the tank of fuel you have in right now. I suggest Amsoil PI, as I personally have had good success with its use in my M42. You can find it here:
Amsoil PI It is really beneficial stuff, and has been shown to do the following:
• Improves fuel mileage an average of 2.3% and up to 5.7%
• Reduced emissions
• hydrocarbons (HC) up to 15%
• carbon monoxide (CO) up to 26%
• nitrous oxides (NOx) up to 17%
• Restored power and performance
• Reduced need for costly higher octane fuel
• Reduced noise from carbon rap and pre-ignition
• Better drivability
• Smoother operation
Also suggest replacing the plugs, and even the wires if you don;t know their history and they look OE. I think the wires are good quality, and good for at least 100k, but if you want to get onto a clean slate, now is the time to do it. NGK BKR6EK duel electrode plugs are the OEM, and NGK wires are also high quality. You can search for the items you need by year make and model here:
Application guide Plugs and wires are really easy on this car/engine. Just do them cold and it will be a pleasant job.
After running the tank of fuel system cleaner through, changing your plugs, then change you oil. Use the oil of your choice for your climate. Many folks are fond of Rotella syn 5w-40, available from wal-mart. Chevron Delo 400, 15w-40, and Mobil1 15w-50 are also common. Replace your oil and panel filter and be done with it!
O2 sensor may be a good thing to replace, but you need to baseline first. I assume there is no CEL. It is tough to test an O2 sensor without an oscilliscope, though some claim the "disconnect and see if your idle changes" test is a good way to see if the sensor is OK. In my experience, they get flaky at either ~80k, or else at ~160k. If they make it to the first point, then theyll make it on. And, in my experience, the early failures have been the secondary sensor (post-cat), only used to determine cat efficiency in OBDII cars.
I'd skip the sensor unless you find other driviability or overall poor economy issues. Depending upon your mileage and test results, you may want to consider changing it, but for now, IMO, youll be OK.
Good luck!