YES.... with out a doubt , it will stumble , won't idle well , sputters and eats gasoline, if you have 2 and i think yours dose have, you need to make sure if its the #1-0/2 sensor before the catyl. or #2 0/2 sensor after catyl.?? , & again, if you own a computer car , get the repair manual for that vehicle from your parts house, worth every dime you spend on it.
SOURCE: How to locate the oxygen sensor in a LEXUS LS430 (Bank1 Sensor1)
the O2 sensor for bank one sensor one is located between the catalytic converter and the engine in the exhaust head pipe. see photo of your engine cylinder layout, the sensor u want to replace is the one at the cylinder #1 
bank on right.
SOURCE: High rpm (fast idle)
it is normal. car is designed to do this when engine is cold. it called open loop. when it warms up it is called closed loop.
SOURCE: My 2001 Lexus LS430 was misfiring, riding rough,VSC light is on
go to auto zone, advanced autoparts, or a certified mechanic and ask if they can reset the codes, it should be free
SOURCE: High RPMs
yes its related to knock sensor because car is running rich in fuel, and car runs of on safe mode, so overdrive will be off. have you and a friend replace it. remove intake assembly, then intake manifold, but first remove your anifreeze from radiator, trust me you want to remove antifreeze! their are brackets by the fire wall to hold down the manifold, thats the hard part is taking it off and putting that on since not to much space to work on it. on the block you'll see the two knock sensors, has 2 wires each, knock sensors cost between 150- 200 a piece, still cheaper than dealership putting it on. also buy some liquid gasket because you will need that. after putting it all back together reset the ecu and you should be fine,
SOURCE: Lexus sc400 electrical problem
the computer is bad and also these cars are known for the insturment clusters to go bad along with the computer. get them both fixed and it will solve your problem.
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