Sometimes changing the plugs/wires helps make the P0420 code go away. If you haven't done that yet, I'd do that first.
I got a P0421 code on my '96 about 4K miles ago, my mechanic suggested that I change the plugs/wires, which I did, and the code hasn't been back since. It had 92K on the original plugs/wires so I knew it was time to do that anyway.
(Big Jim also confirmed this in a post he made here a while back).
As best as I can determine, the extra HCs in the exhaust caused by worn plugs can cause an older cat to stop performing as effectively, but apparently the process is reversible, in that replacing the plugs, getting rid of the extra HCs, causes the cat to recover from it's loss of efficiency.