Once you locate the bad sensor and if it is before the cat, then the prudent move is to replace. If it is after the cat, then you should really not have performance issues associated with that sensor. Now, if you hate that damn light in your console, you have other alternatives, such as tape, bulb removal etc, but if other issues pop-up, you have no clue unless you suspect something or you run OBD II scanner. They even make psuedo plugs that fool ECU into thinking the sensor works.
I have had a bad behind-cat sensor for almost 3 years and no issues and when I had my mechanic run a scan, he advised me replacment was not really required.