It is a tight fit, no question, and another sensor is not an option. The shorter 2 wire sensor that HD uses is shorter, true, because it doesn't do as much as the 5 wire. The 5-wire wiring is shielded by a durable plastic cover designed to protect the insulated wires. On the installations we've done, and others done by a local shop I spoke with, the metal casing of the sensor does not touch the OC line housing, only the plastic shield. That's not to say that there may be a variance in where the bung is welded in the pipe that can make it worse for some models.
Clearly, the pipe manufacturers did not consider wide band sensors when they placed the bungs. Someone else mentioned a V&H TD pipe, from what I've seen, theirs is worse, with the rear pipe causing a clearance issue.
The OC line housing can be clearanced to make room if you are not comfortable with the clearance, it's pretty thick where the fit is tight. I wish it was easier, but remember one mfg made the bike, another the pipe, another the sensor. The difference in the way the bike will run afterward is worth the trouble. Thanks, JK