Keep VVT, you would also do well to keep the EGT probe too... the EGT probe 'can' be coded out but VAG fuelling strategies for the wideband K04 use the EGT probe as part of the protection system... flipside of course is that its not a cheap sensor...
As Byzan has said, do NOT buy the cheap 100 or so quid tensioners from ebay... either stump up for a genuine one (not cheap) or go for a GSF one... I am using the GSF one myself and so far all is good... the cheap 100 quid one I bought a while back was rubbish and was forever throwing a setpoint not reached fault... I also bought what I though was a genuine one from ebay that turned out to be a copy (including a genuine looking vag box)
I have documented this in my build thread...
If going wideband then do it properly IMO...
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