Change the upstream O2 sensor only if you feel that fuel economy has dropped significantly from normal. Example, if you have been averaging about 35MPG mix driving over several months - then you suddenly see it dropping to 30MPG and continuing to decline - then I would suspect a bad O2 sensor. They do have a finite lifespan - generally between 60K-120K miles. Some last much longer - there are a few that I know have gone over 200K+ miles on the OEM sensors.
P0420 (catalyst below efficiency) is mostly caused by a bad downstream O2 sensor. The on-board computer has no real way to test the downstream O2 sensor, except to check if the heater element is working - there is no "bad downstream O2 sensor CEL". Only thing it has to compare to - is the waveform from the upstream O2 sensor. If the catalytic converter is working properly - then the waveform before the cat and after should look different in a certain way. If they don't,you get a P0420 CEL set. Problem now is to verify that the waveform before you go further - many times, the O2 sensor will become "lazy" or read incorrectly. This will also set the P0420 code, as it satisfied the condition for the waveform being "different".
Have to view the CELs as a starting point for diagnostics. Too many times - I see a mechanic plug in a scanner and say "CEL code is --- - that means part X is bad" - then the mechanic didn't do their job correctly, they still need to diagnose the problem properly. If the onboard computer told you exactly what was wrong, we wouldn't need any mechanics.