What I am trying to get across here is that doing a proper diagnosis will end up saving money and or time on the repair. How do you know a sensor is at the end of its life if you don't look at the readings. They could last 50,000 miles or 250,000 miles. There are many places that won't even charge a diag fee to look at check engine lights. Including some dealers. Just find someone to trust. I'm not trying to argue with you but i have been doing this for over 30 years. Everyone has an opinion. Take it for what its worth.
Well, I've been wrenching for over fifty years, and my day jobs were mainly in financial analysis. I am going to leave aside the dealer mistrust issue, generated by the many posters on here who were told by dealers they needed new cats and were able to resolve the problem in other, far cheaper ways.
The fact is the only free diagnosis you can get is a code scan, and that has already been done--it's a P0420. You are talking about a higher level diagnosis scan, and that is at least $100, more at dealers. Assuming you have ruled out exhaust leaks, it will only give you one of two results. Bad cats, or bad sensor. If you can change the rear sensor for less than the cost of the diagnosis, and it works, no more P0420, you have fixed the truck and saved the diagnosis fee. You are ahead.
If it does not, you can go ahead and change the cats, with or without a fancy diagnosis, and you are no worse off, as any dealer will install new sensors with new cats anyway, so how does the diagnosis save you money? Ah--only if the diagnosis is a bad sensor. As you said, if the cats are bad, odds are they contaminated the rear sensor anyway. (You said sensorS, but in your 30 years I doubt you saw a case where bad cats could contaminate a FRONT sensor.) But if that is the diagnosis, we fixed that, and saved the diagnosis fee.
I didn't KNOW my sensor with 110k was bad, but I knew the probability was high enough that it was bad or would go bad relatively soon to make spending the money to swap it a good investment rather than spend money on a diagnosis which fixes nothing, again, leaving aside the trust issue, which is real.
P.S. I passed NJ emissions yesterday, on my factory cats, five years after my first P0420.