Hi I had the same code. It turned out to be the cat. I posted it you can take a look.
http://www.tundrasolutions.com/forum...er/#post799209
If you search around you can get the whole cat after market for around 250 300 dollars. I think walker has a decent one. If you do decide to replace the cat yourself make sure you purchase all clamps bolts and gaskets that are on either end of the connections you will most likely have to cut clamps and bolts due to rust. Remember it is easier to buy more than what you need the first time you go to the store and return the leftovers than it is to have to make three or four trips during the project.
Good luck