Dan makes a very valid point.
I've seen the difference between what the AEM says (via pre cat sensor) and what the tailpipe mounted dyno reading says first hand - and the diference is as marked as described - around a whole point.
However - in the case I witnessed it was confusing because the AEM was recording lean (precat) and the tailpipe was rich..... work that one out!
it should have been the other way around with fuel burned in the cat leaning the reading out so may have come down to accuracy of the sensors themselves.
So in this case the tuning centered around finding a happy compromise between the two but weighing more heavily on the rich side on the tailpipe readings. As long as the tailpipe is not reading lean it should be safe enough.
In principle however - there is no doubt that a precat reading SHOULD BE more accurate and more timely - it is closer to the combustion and the readings reflect post combustion mixture - before excess fuel is burned in the cats.