P0420 is bank 1, passenger side on our trucks. The downstream 02 sensor will be on the cat itself, but it kind of faces upward so its a bit of a pain to get to. Im not saying its impossible, but the chances of a bad 02 sensor giving a catalyst efficiency code is rare. 02 sensors are reactionary and have a plethora of diagnostic trouble codes they can throw based on their readings and usually the 02 sensor isn't the actual fault. They read faults such as fuel trims being too rich or too lean, catalyst efficiency, etc.
The 2 exceptions to that are an oxygen sensor being contaminated (with oil, fuel, coolant, etc.) and circuit problems (usually from someone doing work and not placing the harness back in place and the 02 sensor lead melts to the exhaust). In those cases the 02 sensor itself must be replaced, even though it's not the actual cause.
As for your last question, the cat is just bolted on and no welding is required. Laying on your back it will be a bit of a pain because the 2 pipes are slid together with a clamp so when you loosen the clamp you still need to figure out a way to slide the one pipe out of the other that has been clamped together for the last 89,000 miles.
-Joe