I'd say it's worth replacing because there's no closed-loop operation without it. - Having said that, it's not like a more modern car that will trim the entire fuelling table based on the lambda sensor.
When mine went it was the wires that had snapped, an I just put a second-hand sensor it. - It's a three-wire titania sensor (rather than a zirconia sensor), if that helps you find one.
That second probe is just a temperature sensor for the catalytic convertor; it lets you know when it's so hot that you might set something on fire.