Yes you are exactly right about...."
depends how much clearance you have around the 02 sensor"....because I have seen some where it's a tight fit to get a tool in there around it, etc. also have seen some Oxygen Sensors and Air/Fuel Ratio Sensors that have a small metal covering around.
This then calls for a specific type of 02 sensor socket to be thin enough to slip up and over-around the 02 sensor with just enough clearance to grab a good fit around it.
Could you post a picture of that OTC sensor socket or at least a site on where to purchase it from?
I also own a 2008 Tacoma and recently have been in the market for a good O2 Sensor tool for removal and installation.
Also I am the only one that works on my wife's 2016 4Runner and daughter's 2012 Tacoma as well and like yourself, I'd like a good reliable specific tool to have when working on our vehicles.
Thanks in advance.
It all depends how much clearance you have around the O2 sensor. Sometimes it's easier to get at it from the side with a wrench or crowfoot and other times you need a socket so you can get it from the top. I have the black OTC sensor socket with the gap in the side for the wiring harness and it works great on my Tacoma.
EDIT UPDATE: Well after researching and all I purchased three different styles of Oxygen Sensor and Air/Fuel Ratio Sensor sockets. Starting from left to right.
The first one is made by a manufacture known as CTA ($13.06)? Never heard of them before

but went ahead and purchased this socket specifically for the purpose of it's "thin walled" design. It was purchased through Carid.
The second one is made by SP Tools (Schley Products $24.68). It was purchased from Toolsource, because of it's capability to fit in very tight places. This unique tool has been designed to R&R "CAN" type shielded oxygen sensors and air fuel sensors currently found on later models vehicles. The depth and outer diameter of the socket are critical features enabling it to fit in the limited space of the heat shield. For maximum strength this 6 point tool is forged steel and comes in the SP High Tech black finish.
The third/last one is just a standard basic style socket type made from Koken ($32.65). I love Koken tools to me they are one of the best types of manufacture tools to have. It was purchased straight from Japan, Rakuten.
Yes a bit overboard on sockets but still satisfied.