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It would be easier to just replace the inline E-Sensor (dont know the exact name of it). A tech2 might be able to recalibrate it?
If your computer is seeing alcohol levels high, it is probably bad intake gaskets or o2 sensors. The virtual flex system sees the tank refuel then calculates the composition of oxygen in the exhaust with the o2 sensors.
There isnt anything in the flex system to fail.
There is an update as i just had it done to my 06.
But i would start with new o2 sensors and check for leaking intake gaskets first.