Guys, I've been reading (and re-reading) all the comments and suggestions in this thread; and I'm coming around to thinking that maybe putting in a new (and hopefully, less sensitive) lambda sensor may not after all be the answer to my ongoing problem about the engine management light coming on so frequently!

I have already bought myself an OBD 2 which I will use to cancel off this light (which is in my books becoming a bit of a nuisance); but that will only be a temporary solution: That light will come on again and again unless a more permanent answer is found.

Someone [in this thread] mentioned changing the headers which should give an improved performance; but as I have a sports exhaust fitted (giving better gas flow but which has the unfortunate quality of the cat running cooler because of it) I wonder whether it would really make any difference after spending all that money and time.