yes lambda sensor will make a massive difference to economy and fueling if its not working right. I used to work for an exhaust manufacturer and i got some time to learn about how these work, also dad is a mechanic and i've seen the results of them fooking up. I've seen a car which was overfuelling, the lambda got a bit of fuel on it which caused it to stop fuel being injected as it thought there was too much......
Too much or too little fuel is deadly combination for a turbo'd car...... mmm melted pistons