Welcome to the site. If you run a search for check engine light, you will find a vast # of threads related to this. Unfortunately, any number of things can cause a CEL, from as simple as not having a gas cap on properly to any # of failing sensors. You can see the miriad of parts that people replace trying to get rid of the CEL. If it is the O2 sensor, what caused it to go bad? Fuel Pressure Regualtor dumping to much gas?? Old age?
My suggestion would be to go and by a code reader at your local parts outlet. They are pretty cheap for pre-OBD-II engines and read the codes and find out what it is your engine is trying to tell you. If you search for code readers, you'll find lots of info on them too.
Guess what I'm trying to say is it just may not be as simple as a bad O2.
Good luck!
Sorry, thought yours was a '91. You have the OBD-II which is very expensive to by a reader for.