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Previous owner may have installed the wrong type sensor for Regina FI. This has been reported in the past here, and one result is over-rich mixture. The three O2 sensor wires for the Titania-based sensor should be RED, white, and black. If you find 2 whites and a black, it's the Bosch (Zirconia) type sensor.
Exhaust leaks upstream from the O2 sensor will also cause rich mixture.
And where is this "extra" O2 bung? Are you sure it's not the exhaust sampling port?
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Bruce Young, '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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