Warhammer The Curious:
Well, I checked with some analytical chemist pals using the info supplied by "El Cheapo" manufacturer and they said that the Teledyne sensor is the same breed that many analytical labs use in commercial O2 analyzers. They use a special property of O2 that is based on its electronic structure (Do you want to hear about unpaired electrons? Probably not!)Further, from what they could tell, the plans look reasonable.
So, assuming the company is legit, the El Cheapo should do the job. One warning: it is not as robust as a commercial analyzer and will not take as much abuse. Also, be sure to calibrate it regularly.
Calibration is simple. Have your friendly dive shop make you up a "Pony" of the gas mix you normally use (e.g., 34%) and keep this sample in a secure place. If you use more than one mix, bracket the range with at least two samples. Prior to doing a test, check the analyzer with the known sample(s). Keep records in a note book and check to see that the sample analysis remains constant--so, if the O2 goes from 34% to 33% to 30%, you know the Pony is leaking--although how air would go from a low pressure environment to a high pressure one is not clear. However,if the analysis goes from 34% to 33% to 34% to 33% you just have statistical "drift". You should refill and reanalyze the Pony fairly regularly--say, once or twice a year depending on how much you use it.
Another thing...be a good craftsman when you build the kit--neatness counts!
Joewr