Just my opinion, here...
At some point, it becomes cost prohibitive to pay for hours and hours of diagnostic work from a professional mechanic on an older vehicle with a lot of miles on it.
I had one (older) GM car that would eat through catalytic converters every 3-4 years. I took it to my mechanic (once) and he couldn't find the problem, but he still charged me for his diagnostic time. It was an old car and I just wanted to get more years and more miles out of it. The engine, clutch and transmission were solid and dependable... I just couldn't beat that P0420 code.
So when my Emissions inspection was due (and if my CEL light was on), I would buy a $100-$110 cat off of ebay, install it, clear the code, run the car through a drive cycle, and go to the inspection station. The car would pass and I could renew my tags. For the record, I did try an expensive OEM catalytic converter and the car ate through it at the same rate as the cheaper ebay one.
My thought process was the P0420 situation had a sunk cost of $25-$35 per year. This option was cheaper than paying for hours and hours of diagnostic work from the mechanic, only to hear he couldn't find the problem or let him fire the "parts cannon" at the car and "see" if that fixes it.
For me, it took me less than an hour to unbolt the old cat and bolt on the new one.
Again, this just my opinion... At the end of the day, you have to weigh your decisions based upon your needs and personal budget.