Looks like you're going to be upside down now on its value reguardless of what you choose to do. The question is, if you fix it up, what will break next? (motor, fuel pump?) And more importantly, can you afford to fix it and stay sane?
I would go the private mechanic route if possible, or sell the truck as a fixer up. Dealers are expensive, but nice used trucks are cheap right now.
The catalytic converter was probably removed because it was plugged, maybe because of buring oil conditon?
The running lean code, probably means you have a intake gasket leak, or a faulty O2 sensor.
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