It did point it out on my emmisions tests

I would say change it, better to be safe than sorry. Is the 1.8 engine standard? Would of thought if it was throwing the fuel consumption out by that much then it would of shown up on emmisions.
Do a search on here mate, someone posted up a link on egay where you could get lambda sensors for pretty cheap, they are normal lambda sensors but with no plug on the other end so you have to solder/bodge the wires together. I just bought a new one tho cux I didnt wanna hack stuff up, so can't vouch for how good they are!