I think the engine will compensate when running in "closed loop" mode, (idling), using the O2 sensor as you describe. You will be running 20% richer than normal when driving properly though.
For the Mk3, there is a nifty engine mod which involves using this very property of upgraded injectors - use larger injectors in conjuction with an equally larger air flow sensor thingy. You get 20% more air going through the engine than the ECU thinks (because you now have a larger air flow sensor but the same output voltage from it), but this is cancelled out by the 20% extra fuel at the same pulsewidth for the larger injectors, so you get the same mixture, but 20% more of it!
That won't work for you though, because there isn't a handy Lexus air flow sensor you can bolt straight on in place of your stock one! Pretty useless post for you lot really!