I think the O2 mostly effect CO and HC comes from oil burning but I really can't imagine a car with 132k on it burns that much oil.

I would try changing the air filter, re gapping the sparks and use a more viscous oil or some of that STP thing to harden the oil. and also O2. just something to look into
you might not cure it fully but you can make it good enough to just pass the test.

Amin