No, I wouldnt trust a simulated NBO2 output. It's probably ok for an aftermarket/older ECUs, but the factory GM ECM looks for specific resistance to perform the diagnostic tests. Feel free to try, but I'd put money on it ending up being a huge headache. I tried this with my 02 TrailBlazer and it failed miserably which is why I suggest just adding the WBO2 on separately.
Buy a $5 oxygen sensor bung (if your WBO2 doesnt already come with 1, most do) and have it welded in. You're going to have to run the WBO2 wiring harness anyway, much easier to just leave all the factory things in place and use the WBO2 as an add-on. My .02.