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It looks like that would probably work fine, but it would be wise to move the sensor to the downpipe somewhere after the two banks merge so you've got an accurate AFR reading of the whole engine, not just one bank.

You can find ECU pinouts here:

Stealth 316 - ECM pin assignments

Go through and find out which connector you have. You likely won't have a wire in that pin of your harness so you'll need to add one.

 

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Yeah, I guess. It'll either work or it won't.

You're not actually wiring in a second sensor though, right? Just feeding the output from one sensor to two ECU inputs.

So, in my opinion, you're better off to have the single sensor fitted after the merge so the ECU trims fuel to suit the whole engine, not just one bank. The readings are the same anywhere in the exhaust, unless you've got precats or a main cat.