Haven't had to deal with a cat failure yet, and since you have the FSM, not much I can add.. The only thing I would point out is the statement in the FSM on page DI-247..
If the catalyst is functioning normally, the waveform from the oxygen sensor after the catalyst switches back and forth between rich and lean much more slowly than the waveform of the oxygen (in your case A/F) sensor before the catalyst. But when both waveforms change at a similar rate, it indicates that the catalyst performance has deteriorated..
I would also interpret the above statement to also mean that if the back sensor is slowing down in its response, it would in effect give the catalyst the benefit of the doubt, or maybe not even flag a bad catalytic converter..
When I replaced my front O2 sensor I did ask my trusted service manager (no pun intended) if the back O2 sensor should be replaced.. Got one of those.... "NO" shake of the head saying don't bother, but you never heard me say it <img src="/forums/images/graemlins/ignore.gif" alt="" /> ...
So I don't ever plan to replace my back one.. unless it starts throwing it's own error codes...
So my guess would be the catalytic converter.., but would certainly defer to anyone else who's had this problem...
Others with experience???
And on the ohm meter measurement, were you using the lowest ohm scale setting on your meter (or an auto ranging DVM) when you measured it? This measurement is on the heater circuit, which the ECU should be able to determine very accurately if it's good or bad based on measured current flow..
On your back O2 sensor the heater circuit will have a higher resistance per the FSM on page SF-55.. Acceptable range: 11 - 16 ohms.. I just measured my old one (from the front, which non California spec vehicles use the same sensor front and back) and it was 13.94 ohms, and as I read the FSM, is the same on the rear of the California spec vehicles..
This measurement tells you nothing about the responsiveness of the sensor
(as discussed in this article), but as discussed above, I believe a slower responding rear sensor would in essence be giving your catalytic converter the benefit of the doubt..