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The innovit kit is one of the best & costs about £150 comes with sensor & wiring etc. You will need to weld the threaded boss into your exhaust though which can be a bit of a pain.
It can be done that way but not simple as the sensor for the ECU is a marrow band & your gauge sensor is a wide band. My mapper advised separate sensor. Take F pipe off & get boss welded in at 12 o clock about 1 inch from flange,any good exhaust centre should be able to do it.
It will need callibrating first, Once it's installed you need to get a reading without it in the exhaust( ie, fresh air) then once it has that reading you then put it in your downpipe and it takes another reading, then it should be good to go, If you get the LC1 like mine it comes with all the instructions and software for logging(if you want to)