I have seen it before, throw false or no codes, cause driveability issues.
HOWEVER since you are getting a code, that is the first place to start.
Sometimes replacing the sensor is not enough, because it could very well be the wiring to the sensor ( I am talking 02 here)
I would also like to see you check the pulse and amount of exhaust flow you are getting, power loss/poo running can also be a cogged/ing cat.
The 91-92 models are tricky, they have EGR, a MAP or BAP (same), and a single 02 sensor)
Now you did not say what exactly it is doing, if you just have a strong smell of gas it may be as simple as a bad canister purge solenoid.
Can you tell me what happens when the CEL comes on? Does it run rough? Loss of power? what?