Great answers Hopple and you are absolutely correct.
If you did not want to bypass the O2 sensors then you would just have to turn the GREEN pot to 1:00 which is OFF. What you would lose though is the down low horsepower and torque most people are trying to gain. Without turning the GREEN pot off you would end up in the "tug of war" which Hopple mentioned. This causes horrible drivability and could lead to throwing engine lights.