Tuning with ECU Flash

[turbodave]

I am a newbie to ECU Flash and have a question? Can you guys tell me if I purchased the 1.3 cable and used the ECUFlash software, can I tune or change AFR / Timing live on a 2005 EVO8? Or is this something where I need to data log, make changes, upload and then log again? Can I integrate a Wideband into the software, so that I can set AFR points?

Thanks for the info.