The code indicates the bank 1 catalytic converter is getting plugged up or worn out. That signal comes from the downstream O2 sensor so a failing sensor can trigger the P0420 code, but would not cause a noise. You'd have to decide what the noise sounds like to determine if it could be a cat that's nearing the end of it's useful life. I've heard of cats coming apart, but never experienced it so I can't say what that would sound like.
Has your fuel economy dropped or are you burning a lot motor oil?
This is not likely the result of timing issues in my opinion.