I have the Innovate LM2. Since it has an OBD2 connection, I would like to use it to log my AEB (Bosch 5.9 or so). BUT, plugging it into the OBD2 port and wideband in rear O2 position, it does NOT connect at all.

I posted on Innovate help line, but NO (3x) NO response from them, any way I tried.

I need to find a reasonable way of logging wideband O2 info and (as many as possible, fast as possible) other data (the usual: timing, fuel, air, rpm, N75, etc.)

Any suggestions why OBD2 is not working?
How to get it to work?
Suggestions for logging? (VCDS plus Innovate Wideband?)?

does VCDS even talk to that ECU in OBD2 mode?

I was never able to get it done on the AEB cars.
For my APB (2.7T) and RS6, I installed the Innovate in the downstream O2 location, and ran the serial output to the unused O2 plug (signal) pin.
Daz wrote template for Me7 logger (including conversion of 0-5V linear signal from Innovate into A/F ratio).
Logging of wideband works great that way.
Maybe possible for AEB also?

AEB is OBD2, I am pretty sure. Came out in 1997. But that may not be of importance, since it sounds like you have an even older car, not an AEB (using M592 and M38x, not even sure what AEB is using).