jamesinc;134123 wroteOkay, I've resolved it. It feels good when your gut instinct is on the money.
The issue turned out to be a short to ground between the O2 signal wire and pin 5 of the ECU. Years ago when I re-pinned everything, I separated out the O2 signal from its shielding to pass it through a connector. I didn't tidy it up very well it seems and when that wiring was disturbed recently it's joined and gone to ground. So I re-did the wiring, fixed the short, and then was seeing a steady 0.54V. What I want is a moving voltage, not a steady value, so I took it up to Pie in the Sky and then thrashed it down and up Old Pac and I'm now seeing good signal. The rich smell in the exhaust has also dissipated, so I think we're good!
So it was the O2 sensor..... for all the wrong reasons