Well, you don't NEED a wideband, but they are the best tool to use for tuning. You're going to use the sensor with an Autometer A/F gauge? I don't think they work well like that. I think you need to buy another part to make it work correctly with that gauge.
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widebands are great, but i'm not sure you're at the point where you need it yet, get an AFC and get the car boosted and then worry about wideband, if it comes down to it you can go to a local dyno and use their wideband + get some dyno time. I suggest you read through the FAQ at the top of this forum, and spend some time reading in the forums on this board (esp the engine management forum) you're on the right track though.

BTW, you need a resistor box or inline resistors for your DSM 450c injectors, check out the FAQ for an install how-to

 

you'll learn a lot reading the faq