To reset via blinker box, first check & clear codes on pin 4 (LH module), then "clear" the single blink as you would normally clear other codes. This resets the adaptation to mean values. It's documented in the DTC code PDF file, in the fine print that nobody ever reads. However you cannot verify that the adaptation values have been reset to 1.0004 [mean value] without a digital scanner, which will show the adaptation values (i.e., 0.9xxx or 1.0xxx).
Correct. All this would do is verify the connector is properly seated. It's a twist-lock, and if not rotated fully past the detent, there may be no signal from the O2. This would normally trigger a fault code on pin 4 and also turn on the CEL if the car has a CEL (with a code on pin 19 / DM also).