I have dealt with this code before on Chrysler products but in this case it doesn't seem to be a legit code for this vehicle. I think I would try a different scan tool before anything.
When I dealt with it, it was a downstream O/2 code for high readings. What we found was that they were having a bunch of problems with the Catalytic Converters getting small cracks along the lower weld. They were very small and hard to find but they were allowing enough oxygen in to mess up the downstream sensor. The easiest way to find it is with a stethoscope with a piece of hose on it while the engine is running.
That being said, this may not even be a legit code for this vehicle.
78 Corvette Pace Car For Sale-18k mi orig-Florida
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