I would change the oxy sensor as others have mentioned. Not a lot of money, not nearly as much as the cat converter.
Depending on where it threads in you might be concerned about corroded or locked up screw threads. Dose it with PB Blaster or your own preferred rust-eater 2-3x daily for a few days before removing sensor.
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Coast long and prosper.
Driving '00 Honda Insight, acquired Feb 2016.
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