Which motor is in it? I do know some had oil consumption issues, which would lead to the converter fouling. I have heard of cleansing the converter (removed) with some solution but don't recall what or if it was effective. If you have a scanner with live data view, before you replace any sensor, post up a pic of the upstream and downstream sensor output graphed, at idle and part throttle. If the downstream sensor output mimics the upstream sensor output, the converter is definitely not burning unburnt HC. I've heard of using a spark plug non fouler on the downstream sensor to pull it out of the exhaust gas flow to get rid of the code (as well as an electrical circuit solution, without the non fouler, but haven't tried on any later models, as ive heard it doesn't work due to advanced detection ability) I've heard mixed results of using the non fouler as well, thoigh there are companies that sell stand alone oxygen sensor simulators.. or you could tune the code out if you can find someone with a tuner for it - I'm fairly sure they might exist, being a Scion/Toyota. Simply replacing the converter - whether it's a direct fit (check Amazon) or where you can weld in a universal, will work for a while - at least until it gets contaminated again - which depending on rate of oil consumption may be years, months or days. Leaking injectors will cause converter failure as well. Determining the cause of the cat failure is crucial to preventing a repeat failure. (There's another option - I have contemplated developing a CEL reset box that when wired in and turned on simply erases The codes every key on, as p0420 is usually a 2 run cycle to fail.. intention of device willw be for individuals desiring to eliminate the light without repair in non emission places and not for installation except by customer request)
Sorry for the book.
TL;DR - don't throw parts at a problem, replacing cat without diagnosing failure will be a repeat failure (though not necessarily immediately)