My guess is that there are two separate issues. The oxygen sensor code is for the post-convertor sensor it just monitors the health of the catalytic converter and can likely just be fixed with a new sensor. It possibly could be related to the misfire codes (see below) but can't tell without knowing the actual code.
The flashing check engine light indicates a misfire bad enough to damage the convertor, so there will definitely be a misfire code stored. I'm guessing you've got the 5.4L 3V engine. They were notorious for timing component failures. Usually not the chain itself, but the phaser (cam.gear with the ability to change timing) and or cam timing solenoid. A fellow could remove the timing cover and such, and replace all the timing components, but it's not necessary. If it's just a phaser, there's a special tool that gets shoved down the timing cover (with it still on the engine) that will hold the chain so the phaser can be replaced with just the valve cover off. The solenoid can be replaced with just the valve cover removed.
Knowing the codes pulled by the scan tool would tell the tech which way to go as far as diag and parts replacement. A scan tool can control the cam timing, and can be used to determine what parts have failed. If it truly is the actual timing chain, then of course the timing cover will have to come off and at that point with those miles, you're best to just replace the guides and everything while you're in there.