My 96 4 cylinder honda accord spitting out oil due to spool valve. The dealer quoted me ~$490 parts and labor to replace it.

I know dealer generally charge more, but is $490 way too much for the job?

Thanks

EDIT: and they said there is a crack/problem with the catalytic converter that's making the exhaust really loud. Does it urgent replacement, or is it just more of an loud exhaust annoyance should I choose not to repair it?