Start with the basics. Get a new air filter, use fuel injector cleaner/octane booster for a few tanks of gas (my beater car went from 21 to 25mpg with just one bottle), then install new spark plugs, wires, and a distributor cap and rotor. After that, maybe an oil change and fresh fluids.
An O2 sensor would make it run like hell, not just be slower.
An O2 sensor would make it run like hell, not just be slower.