The code is Catalyst System Efficiency Below Threshold (Bank 1). The cat has stopped working. It does not mean it is plugged. The computer toggles the fuel trim between rich and lean very quickly to keep the NOX emissions (byproduct of hot lean combustion) from going too high. This can be seen by the front O2 as a wave. The catalytic converter finishes off any unburnt fuel, so all the rear O2 sensor should see is a straight line. PO420 indicates the rear O2 is seeing a large amount of variation from rich to lean after the cat. This is something that should not happen on a fully warmed properly operating cat.
A plugged cat usually shows itself through high back-pressure. Generally this can be felt as bucking or heard as a shhhhhhhhh sound coming out the tail pipe at high throttle openings.
There are a few rebuilders of catalytic converters out there, or you can get a direct replacement after-market converter for less than $500. BTW my '03 LS8 is having the same issue on the passenger side. It is the same side which had 3-4 coils go bad in 10,000 miles with 90,000 miles on the car. The missing dumps a lot of fuel into the converter, which overheats the converter.