Hello,
Just wanted to post an update. I believe the problem is now solved. Based on mann777's suggestion, I ended up replacing both the upstream (Air / Fuel Ratio) and downstream (Heated Oxygen) sensors on the right (Passenger) side. I had a chance to finally do the work in the first week of May. Now, a month on and two tanks of gas (~600 miles), the MIL light has not come back on. Total cost to replace these sensors was $450. Original Toyota Parts and do-it-yourself labor.
As an aside, the dealer obviously misdiagnosed the problem. On the written quotation they gave me, it stated that the rear right side catalytic converter exhaust pipe needed to be changed, with no mention of replacing the sensors. Plus, the two sensors that I replaced, measure the efficiency of the 3-Way Catalytic Converter which is a one piece unit welded to the end of the right side exhaust header. These trucks have four catalytic converters. Two on each side. One 3-Way Cat in each header and the Secondary Cat in the middle Y-Pipe section on each side. So, not sure how replacing this secondary converter, which is not monitored by any sensor, would have solved the problem according to the dealer.
Anyway, Thanks mann777 for the help.
Yasir