remove the light from the CEL. I know a couple of people that have done this after modding the crap out of the car. Is the CEL just for the exhaust? If yes, then I would try the anti-fouliers (spelling?) If it's caused by multiple things then I would just take the light out.
Even if I do use a fouler kit won't the O2 sensor eventually go bad sooner than later, thus leading to replacing it or not functioning properly permanently?