Finally ....

Paul, thanks a million for the update and everything works perfect. Attached is the video using the same PLX wideband PID.

Since all the pictures of other users who used Photobucket is all missing I thought I will post a few pictures for anyone who needs them.

I am using the PLX SM AFR GEN IV which is actually different from the older versions and now the TX sends out Wideband, Voltage, Sensor Health and Sensor Reaction. The firmware update to resolve this issue is the link below:

You need a 3.3V TTL to RS232 Converter which makes everything very easy and less messy. On ebay for about USD 1 - 2.

Connect the 3.3 V, GND and TX as shown below. I have used the main ground on the bottom side of the board for testing but this works fine too.
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Connect the three wires to the converter module 3.3V, GND and TX Pin as labeled on the board.
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And finally since the new version of PLX has lots of space inside, I guess it's a good idea to mount it on the back side of the board so you don't have wires hanging from inside the module.
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Sorry guys for the side view since my porting skills didn't work out on the small metal frame that I really messed it up ...

Thanks again to Paul and EFI live for the update.