Yes, replace brakes BEFORE the light comes on. The light comes on when ther is very little time before you are metal to metal. Change the pads before the sensor makes contact with the rotor, it saves you $$. B)
What is this e-brake stuff ??? The e-brake is a hand operated brake that is NOT DESIGNED to provide normal stopping for the car. It is only to provide wheel locking/braking in an emergency situation. The rear shoes are really thin and should last forever, hopefully. The pads, all 4 on my SC have mechanical squeal sensors, which contact the rotor when the pads get to thin. they WILL NOT damage the STOCK rotor just be REALLY annoying.
Other models of Lexus like the BMW may have electronic sensors that can be damaged, and would have a dash light.