I am having the same problem right now, although the code is P0420 which means bank 1. Since my car (98 2.5 v6 se) is now out of warranty, I decided to take it to the dealer and have the TSB done to reprogram the ECM. Mine had the original programming, and there have been numerous updates including one for a false P0420/P0430. Cost was $85. While they were doing that, the mechanic ran it and printed out some charts. He showed me where the O2 sensors were acting strange for the problem bank, and he said in his opinion that the converter was bad.
Well, after a week, the CEL came back on !! So I guess I do in fact have a bad manifold cat on bank 1. However, list price is about $900 from Ford. Ouch. I found one company that makes aftermarket manifolds for this car, and the price is more like $600. The other thing is that the mechanic said there is a lot of labor to do this repair (like an all day job), but ALLDATA reports that it takes 1.8 hours under warranty, and 2.5 hours COD, which is more reasonable.
For the aftermarket manifold cats, see this link:
http://www.car-sound.com/01home.asp You can find these on Ebay as well.
Question: has anybody bought manifold cats from a junk yard and used those? Good or bad experience? Does anybody want to SELL me a set of working cats? Or even just bank 1? Thanks.