[Formulajones]

Correct, when you disable closed loop and learn it removes the 02 from the equation. It's always a good idea to keep a tune like that backed up on the SD card so that if your 02 every fails, you can simply use the hand held to load the (limp) tune. The engine should run fine if your base fuel table is dialed in.

How I do the regular tune with the base map dialed in is set learn to just 5%, that way if the 02 ever does fail it really doesn't corrupt the learn table, and I don't need it to learn more than that generally because my fuel table is within 1-3% anyway. I then let compensation make any necessary changes due to elevation.

On compensation limits, I keep WOT areas at 80 kpa and above at 20% to keep the engine safe for a few reasons. Constant elevation changes here I want the holley to correct WOT, that's the biggest reason I bought it.
The rest of the compensation limits I keep at 10% so it can correct on the fly.

I really don't like compensation limits too high in the light load, light throttle areas as it tends to over compensate and make big swings with AFR. Not sure what algorithm holley uses but seems to work fine at WOT where things happen much faster, but at light throttle tip in and generally during throttle transitions it tends to over compensate. For example if the AFR is just 2-3% off one way or the other, lets say rich for instance, and I'm only at 8% throttle, compensation tries to catch it and goes off the deep end subtracting 10-12% or something crazy, which causes a slight lean surge and then swings back the other way to fix that, and it's this constant big swing that really isn't necessary. Takes it a few seconds to settle down but will repeat the process any time you tip in the throttle.

So I found that if I limit compensation to 10% or less in those areas the problem goes away and the car runs much better. It really needs to be less aggressive in the light load areas and more aggressive at WOT, so that's why I set the limits that way.