Help interpreting scanner readings

Just bought a scanner, AutoXray 6000, updated it to the latest software as soon as it arrived (from 4.0 to 4.02). Thought it was pretty cool all the things it displays on screen for an OBD I system on my 93 Blazer. I have some questions maybe someone on here can answer or point me in the right direction so that I may learn how to interpret the readings.

There are no DTC's. What I'm wanting to know right now is about the lean/rich flag and the Open/Closed Loop system. My question is, should the loop constantly be flipping between open and closed, which coincides with the lean/rich flag tripping. If the flag was rich for more than a second, the system would go in to Open loop, about a second later the lean flag trips and the system goes right in to closed loop. This was constant, every second or two on the way in to town this morning. Is this normal operation?

Last night the OS2 sensor kept flipping between ready and not ready. But this morning, I checked while the loop was alternating and the O2 sensor read "Ready".

My concern is this 1993 Vortec doesn't idle as smooth as my newly acquired 1995 Vortec, and the exhaust smells a tad rich on the 93 in general. Keep in mind I've done plugs, wires, cap, rotor, vacuum lines, injector and nut kit upon buying this 93 a little over 2 months.