If you're going to leave the stock ECU alone, even with a Lex/550 setup, then you should be fine without a wideband. As soon as you start messing with A/F ratios, even with something as simple as an AFPR, it's a good idea.
I didn't get one for my 7M with the Lexus/550 setup, and I don't think that it was ever a problem. If anything the TCCS wants it to run very rich under boost/WOT, and I believe that it was.
For my current build, I'm getting the Zeitronix Zt-2 unit, which doesn't need me to retain the stock O2 sensor, since it has a simulated output for it. As such, I'm getting the adapter flange which will allow me to use the stock location for the wideband sensor. Once in place, I'll use the simulated narrowband output to feed to the TCCS, so I don't need to drill/tap for 2 O2 sensors. (Though if it comes to it, I have an 18X1.5mm tap, so I could do it myself, if I wanted to.)
I'm doing this because I also bought Mike's APEXi Neo, so I will be able to do some tuning to get some more power from the 7M, and I don't want to waste all the money/work that I'm putting into my 7M. I wouldn't have if I weren't planning on additional tuning options.
You could get a wideband gauge only, but IMO, that's largely going to be to have dials and blinky lights. It's only in combination with a data logger that a wideband is truely useful. Same with EGT (though peak/hold EGT will tell you what really matters.) You want to know what's happening in your engine at various loads/RPM ranges, and you only get the whole picture with a data logger.