Michael, I also have a 2004 LS430 and I frequently get the warning of "Low Tires Pressure Indicator" flashing on my dash board also. There is reset button like someone else mentioned on here under the dash. I know where it is and how to reset it. the problem is the the error comes right back shortly after reset. So I took it to the dealer and found that there is a Technical Service bulletin on this exact problem. Something wrong with the ECU they told and would have been fixed under factory warranty if I had only discovered it before my factory warranty ran out.
Hope this helps,
Steve