Timing Belt Replacement

I have a 2001 V6 TRD 4X4 with 146K on the clock. The dealership wants $500 + to do a timing belt. I know that replacing the timing belt will envlove basic removal and reinstallation of componets. Does the (engine timing) need to be adjusted once this timing belt is replaced? How is the timing adjusted?

Serious replies guys!

 

P0420.
2001 TRD V6 4X4 146K Miles
This code has haunted me for years. It comes and goes as it pleases. This has not been a major concern untill recently when the smog was due on my rig. I drove to my local Auto Zone and used the handy-dandy code reader and cleared that sucker. Well the smog guy failed me right away because the ECU stores those codes, and his machine found them.
P0420 is cataylist system below threshold bank 1. I replaced the cataylitic converter with an after market ( 2 stage ) cat 3 years ago when I first got this code. Now I fear the only way to make this code go away is to hunt for a replacement 3 stage cat.
I am looking for a solution to making this code go away that doesent envolve buying an $800+ catalytic converter from Toyota, Cause honestly, I dont think that thats the right fix since I was getting that code with the OEM 3 stage cat was on there. Oh did I mention that I have a K&N cold air intake tube and air box installed. The filter has been cleaned and recharged with aFe oil.
Any help is good help! Thanks guys.

 

Replace the water pump also while you're in there.

I wouldn't think the timing needs adjusted at all as long as you get all the pulleys back in their original orientation (so to speak). I've never done a timing belt, but I have been in there to replace my water pump.

If you need 'em....
Water pump replacement
http://www.lieblweb.com/tacoma/Mechanical/WaterPump/WaterPump.htm
O2 Sensor replacement (bank 1 sensor 1)
http://www.lieblweb.com/tacoma/Mechanical/WaterPump/WaterPump.htm

 

Because I have a kalifornia emmisions truck Its gona cost me over $2,000 to get the catalytic converters replaced. I love emmisions.