Monitor both banks. I usually use the 4 gauge setup for my ngauge:
Lambda 1, Lambda 2
Knock Retard, Air Charge Temp
I also setup values and color coding so I can see just by the color if things are WRONG under PE (power enrichment).
As far as what good L1 and L2 values are, 1.0 at idle and cruising and whatever your tuner tells you is good for power enrichment for your particular application. It will go to 2.0 (super lean) when you let off the throttle and engine brake, that's normal. I'm not sure if you're FI or NA so I don't want to give you a wrong value for power enrichment (WOT). If you're N/A that will be a significantly higher value than if you're FI. You want to also keep an eye on the KR (knock retard). If you're racing around and see significant KR (removing timing NOT adding timing) something is wrong. Also before I went 100% race gas I would monitor it after re-fueling because of questionable/unknown fuel quality. For FI I like to monitor the ACT (air charge temp), but really with the huge intercooler I have it's not a big problem when it's not a million degrees out. My bone stock turbo Audi has insane ACT values compared to the mustang, that PC Stage 2 IC is so damn huge.