^^ The ECU ignores O2 at WOT as far as I know (open loop). It only watches it during lower load, lower throttle, lower RPM combinations (closed loop) to set fuel trims.
Your flickering/intermittent CEL sounds like what happens when the "coolant temp CEL" value is exceeded by the coolant temp sensor. You can set what temperature the CEL comes on... when coolant temp exceeds this value, what you're describing with the CEL is exactly what happens.
AFR is air/fuel ratio - the higher the number, the less fuel (and more oxygen) is left in the exhaust mixture. (e.g. 10/1 is rich, 20/1 is lean, 14.7/1 is the midpoint stoichiometric ratio to which rich/lean is defined.) So, 15/1 is actually slightly leaner than stoich, and much much leaner than you want to be running at full throttle.
At low-throttle, low-load cruise, your AFR should be oscillating around 14.7, due to the ECU watching the O2 sensor for rich/lean feedback... 15 is close enough, so your O2 feedback seems to be functioning properly
Lots of basic things could be adding up to cause your problem.