Hang in a second guys. The downstream o2 (one after cat) does not control any fueling at all in 97-03 car. It has one purpose, to monitor the emissions. That's all. It can only post a code that makes you fail emissions.
Your front sensor in the rear exhaust manifold can get lazy etc and cause you to get too much fuel. That should then murder the catalytic and trip the code for poor emissions, based off the reading from the rear o2.
Since you have some bogging, it's possible you have a clogging cat from the excessive fuel.