First things first - just so you know, the "Open Loop" mode is used during warmup - it's where the HEGO sensor isn't hot enough to give a reliable reading. This can go for anywhere from thrity seconds to about three minutes.
"Closed Loop" means that the HEGO sensor is at operating temperature, and should be giving out a reliable signal.
As far as you "steady" +5VDC, that's fairly normal for RENIX. RENIX uses a variable-resistance HEGO sensor, rather than the more common "voltage-generating" type. The HEGO is used as part of a voltage divider circuit, using a +5VDC reference supplied by the ECM. This return voltage is then read and compared to a list of "known values."
What you will want to look for is the voltage OUTPUT from the HEGO sensor - that should hover around +2.5VDC nominal, and vacillating nearly constantly (it's easier to read signals like this with an analogue meter, since it will respond faster than a digital. Or an o-scope.) I don't recall which signal is which offhand - I'd have to figure out where I put my RENIX fuel inejction book (damn thing's around here somewhere, I just know it!)
But that's the first distinction you'll need to make - the correct difference between "open loop" and "closed loop" operation. As I recall, if the HEGO sensor is failing (not switching or not supplying divided 5VDC reference signal,) the ECM will "fail" into "open loop" mode - which is similar to the OBD "Limp Home" mode. In this case, the HEGO output will be ignored entirely, so you don't get stuck. Open loop operation tends to be a little rich, so you'd notice it as the fuel mileage worsens.
Since you've got an 87, you're probably due for a new HEGO anyhow. OEMR service life is typically given as about 80kmiles, but I've seen them go anywhere from 60kmiles to over 200kmiles (I think mine finally wants replacing in the 88 - at 244k...)
You'll have to get the RENIX HEGO sensors, since I don't recall a lot of anyone else using the VR type - everything else (as far as I know,) is the voltage-generating sensor. Our HEGO sensors aren't too spendy, and I can usually find them locally. If you can't, check with Morris 4x4 Center (
www.morris4x4center.com) - they sell OEM or Omix-Ada, and their prices are good.
5-90