Jason,
I'd do a full tune up. 600 to 800 bones from a reputable source. Depending on miles. Replace all plugs, check wires, dist, cap, button. I'd change all fluids. I'd replace all O^2 sensors, mains, subs. This will increase your cost a little but it will be well worth it in the long run. I'd look at the catalytic converters. Replace them or remove them. Removing them will not help the emissions issue, but if all other things are working correctly, a hot motor with not cats could pass emissions. I think you are correct on that code, I've run it before here on this site. Should be able to search it out. Make sure all your belts are good as well as power steering and alternator for good measure.
Good luck.