I just took the truck for a pass, and it reads 14.3 average just cruising, then goes to 11.2 average, then spikes to 16.1 for a split second (this is where I'm having my hesitation problem) then clears back up to 11.2-4. How do you guys rate this??

 

If your LM1 is calibrated properly, per their instructions, you should see 14.6 - 14.7 all the time except when you are in PE and then you should see whatever your PE table is set to. This is if you are still running a MAF. If you are OLSD then it will depend on your VE table.
I used to get a little lean spike on the shift. It may be due to having the torque converter locked between shifts. If it is get it unlocked because it is very hard on the input shaft to the trans. I think mine went away when I unlocked the TC during shifts.
The lean spike might also be due to momentary fuel loss due to the fuel going to the back of the tank when the N2O hits or the torque and acceleration move the fuel to the back of the tank. Make sure you have lots of fuel in your tank. When my tank is low I have experienced a momentary misfire and had to back out of it. The last time it burnt #3 piston because I could not hear the misfire and the truck ran really strong.
Low 11's should be good for WOT but monitor your KR.