Help with diagnosing two check engine light codes?

One of my good friends has a 97 Ford Mustang GT.
He was just driving to his local supermarket to get a few
things and before he got there his check engine light came
on.Before his check engine came on lately his exhaust has
smelled like strong unburn fuel or like it has been possibly running
on a rich condition.I ran the check engine light on my old SCT Xcal2
and I found the codes that he had stored in his vehicle.Can you
guys please look up or know what these codes mean for his vehicle?
What parts he has to replace? Anyone? Thanks.
1. P0420 CAT SYS EFF BLW THRE
2. P1000 MONITOR CHECK NOT COMP
 
i would ignore the p1000, just means that the monitors havent set yet. the p0420 i would check the cat monitor voltage. either one of them is out, or the car might have either no cats or aftermarket high flow cats on it.
I appreciate your help.
You belive that his cats failed.
Do you also think that his 02 sensors are bad?
Can a P1000 code possibly mean 02 sensors failed?
I am trying to get as much information as possible.
 
ford calls the rear o2 sensors cat monitors, as thats their only purpose, to monitor catalyst efficiency. technically they dont call o2 sensors, o2 sensors, they call them EGO or HEGO sensors.
Thanks.
It's nice to know their is actually one intelligent member on
this board that knows about Fords.
If you don't mind me asking how many years have you been
alignment tech for bdcardinal?
What caster chamber plates do you like working with
the best? Witch one's have the most adjustment in chamber?
 
did alignments for a few years. my personal preference was MM, because they were easiest to work with, they also used the same size fasteners for the caster and camber lock nuts. purely because i hated carrying extra sockets around.

i work in a ford parts dept now, i dont like getting dirty unless its on my own car.
 
did alignments for a few years. my personal preference was MM, because they were easiest to work with, they also used the same size fasteners for the caster and camber lock nuts. purely because i hated carrying extra sockets around.

i work in a ford parts dept now, i dont like getting dirty unless its on my own car.
Cool that's some good info my friend will be happy when he decideds
to put his Eibach Sportline springs on his 97 GT.
He will be purchasing Bilstein struts and shocks.
Are the Steeda caster chamber plates any good?
From what people have told me they are o.k.?