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Somebody who knows what they are doing will get this done in 2.5-3.5 hours. The inexperienced will take most of a day to do it, as the intake has to come out. This is what most people working on the 1MZ call major repair; it's not really that bad. pretty straightforward, just a lot of steps.
Use the Denso - not Matsushita - knock sensors. The eBay "Denso" (Chenso) sensors for $25/pair are fake. Real Densos from a Toyota dealer will run you $150-$180 each, and that's if, as mentioned, your mechanic lets you bring your own parts. Harness runs about $23-30.
While it's open, the water bypass hose, fuel injector seals, and rear spark plugs should be done as they are now easily accessible. Not to mention the intake and plenum gaskets, plus coolant should be replaced.
Any way you look at it, this is going to be expensive unless you do the work yourself. There are guides around here and in the gen3/4 Camry forums that will help you out if you choose to DIY. I agree with the sentiment that you should let a shop do the diagnosis. I've never seen it be the ECU (usually sensor, sometimes harness), but make sure a competent shop follows the official troubleshooting procedure to pinpoint the problem so that you don't waste money.
00 Camry 5S-FE 178k BLOWN MOTOR/TRANS
01 ES300 147k NEEDS TRANS WORK
01 Insight 137k BROKEN CAMSHAFT
02 Insight 178k DC-DC BELLY-UP
08 STS-V 67k 570 RWHP!
01 Viggen 112k 400 FWHP