"What we are looking for is whether a guy could record several WOT runs on a closed course...of course, come back and look at the O2 sensor outputs and determine if the AFR is safe or too rich or lean.
Can this be done? Yes? No?"
In my experience, I'd say the answer is yes and no. You could definitely tell if the mix is rich OR lean, but not if it is TOO rich or lean. You'll get enough info to say (without certainty) whether or not you are likely hurting the motor. But I doubt seriously you could get enough precision to effectively do much about it. It will be like the tuning I used to do on L-jetronic systems - read the leds on my homemade NB gauge and adjust the spring tension and air bypass on the AFM - a lot of hit and miss. I mean, what AFR are you shooting for in the first place? How will you know when you get there. What is safe for a particular motor? Under which conditions? We haven't even discussed ignition timing.
I think there is a fundamental flaw in thinking that you can tune to a particular indicated AFR on its own and get a desired result from a motor. Even with all of the high-tech tuning aids there are available now, I still rely on det-cans and plug reading.
The good news for DIYers and pro tuners alike is that a motor will still run pretty well on even a "poor" tune. There is always room for improvement and new things to learn.
"If no...data to show it not opinions or other specs or anything but actual testing and measurement."
If I were going to use a system/methodology like this, I'd want to see actual testing and measurement that shows that it actually does work. I wouldn't believe that it does just because no one has shown that it doesn't.
My car is a bit totaled from a rear-end collision right now. I have another that I have to put together. When I do, I'll install a NB along side my WB and do some logging. I can also adjust the fuel flow by a set %age for some static conditions and compare the associated change in AFRs to measure the error in the AFR readings for both sensors. Might be a few months though. Maybe this thread will still be going

Sam