Front or rear sensor? Cali. or Federal?
The P0420 sets when the comparison of front and rear sensors indicates that the cat converters aren't reducing the contaminants in the air. It needs to see a flatter line with more time between switches out of the rear than out of the front. You really can't look at one in isolation from the other for a P0420. The sensors degrade when they don't switch as quickly between a higher voltage and a lower voltage as they should. My rear sensor now is up to 80k again, so I'll probably have to do it soon. It went at 90k the first time. No specific code, just the P0420.
The ECU in responding to A/F sensors in Cali rigs actually does not react to voltage, it react to currents and it is more difficult to interpret and compare the sensor readings. To be honest, I have never figured out how to do it.
A truly defective sensor will throw different codes.
My approach to a P0420 on my rig has been that 1) I fix any exhaust leaks. 2) If the rear sensor has more than 75k on it, I change that. So far two small exhaust leaks and one rear sensor has kept me on factory cats despite three P0420s. Our trucks are at an age where those exhaust gaskets are all turning to dust (except mine, which are all new this summer, as well as muffler and tailpipe.)
If I were you, I'd fix my exhaust leak first, and then see where I stood. Unless your sensors are north of 80 or 90k, then you might as well change them as good PM.
If your cats are physically damaged, leaking, rattling inside, or smelling of sulfur at the exhaust, then they need to be changed and anything else is wasting time--although you want new sensors with new cat(s), so changing those first makes sense.