The code P0432 is defined as 2/1 Catalyctic Convertor Efficiency. This can be the result of a poorly running engine, an exhaust leak, defective catalyctic convertor, the engine's computer, or faulty oxygen sensor. Commonly (9 times out of 10) the code is set because of a worn catalyctic convertor, but when the convertor is replaced the oxygen sensor for it's monitoring should also be replaced. The code distinguishes this to be the catalyst for bank 2, there are two catalysts on your truck. Also, keep in mind that factory cats should always be used, aftermarket "bargin" cats tend to not efficiently reduce emmisions according to the engine computer's parameters and often reset a ficticious Check Engine Lamp with the smae code. To correctly test for the above condition, a factory level scan tool is used to monitor the catalyst efficiency and used in conjunction with an emmision analyser to verify if the catalyst has trully failed.
No, absolutly not. The vehicle will perform as usual, but the Check Engine Lamp will remain illuminated and the only drawback to that is you cannot tell if another fault occurs. but in most cases performance issues are obvious without the lamps direction. The Catalyst fault is emmision related only and is there because of the federal mandate for emmision reduction, so the catalyst can even be doing it's job, just not effieciently according to the computer's programming. Also, your states emmisions testing may be affected by the illumination of the lamp (if applicable). Use the time to research a good replacement cat for your truck, even possibly a used factory one at a 1/3 of the cost, or look into a facility that rebuilds them.
Thanks for the accept....Merry Christmas.