I dunno if it is worth a shot... But i'd definetly scan it for codes etc, and check everything else. Ever spray your engine with water? Maybe your PCM is on the fritz, it also might be a Faulty EGR, but not my frist guess.

If your manifold is glowing, you are running lean, end of story. I would think the O2 is giving a false reading, telling the computer to lean out the mixture. The scan tool is only going to read what the computer 'sees' and not what is REALLY happening. Does your 95 have (2) O2 sensors as OBD II was comming in 1996? If you are running full rich at WOT you should be experiencing excessive carbon build-up on the pipe tips and bumper. If not, you are not running rich. Keep us posted.

I am not a certified mechanic, but I think if you remove the O2 output you will get a SES light. Then this will make the car run on a default setting factory, because after all the car cant just DIE if the O2 sensor was out of wack, this would be unsafe and MILLIONS of cars would be dead on the side of the road daily. So, pull the sensor and see what happens when you recreate the 'glowing' conditions. I bet you stop running lean.

Jay