Ok not sure where everyone gets their info but running with an O2 sensor either out of spec or not working at all is not good for any length of time... Reason... This is what tells the ECU how to trim the fuel system which directly affects the catalytic converter which is big bucks if left unattended... Also with OBDII you cannot just disconnect the battery and reset the ECU it has to be done via the scanner...
Also dont go with the "generic" O2 sensor (cutting wires and such) some of these have specific values and ranges of operation that work with the ECU... Toyota`s tend to be alot more sensitive to this and some just wont work with anything but the OEM sensor... So you end up spending the money and effort on a cheapy fix and thats what you get... Buy the OEM version and in most cases you can change it yourself... Some do require a special socket if they are in a hard to get area while others are in plain view... But along with this you normaly have an upstream and a down stream O2 sensor... (V8`s will have 4 while 4 cylinders have 2 NORMALY...!) Just depends on the system...
Not BS`ing you either I do this for a living (25+ year) so kinda have to be right...