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The Youtube video below shows how the OCV directs engine oil to Advance or Retard the valve timing to optimize engine performance. Accordingly, a failed OCV will drastically reduce engine performance. The engine shown on the video is not a LS430 but the idea for the Toyota's VVT-i (Variable Valve Timing with Intelligence) is the same.
It is a very simple fix which will only take you 10 minutes. There are two OCV (driver's side and passenger side). They cost just over $100 each. If you do some more searching on here, you will find pictures and step-by-step instructions on how to replace them.
I just changed my OCV too. It's really easy and it costed me $93. The engine code will tell you which OCV is broken. Mine was broken on the driver side. I changed it myself in minutes