Hi,
I replied to a similar question on another forum a while ago which may be of use here ...
"I didn't know the answer to this so I've had a bit of a play with the kit I have to hand, which is similar but not identical to yours. I used a 580EXII and a 430EX (Always set to their lowest power settings in manual mode).
I tried the following combinations and took photographs of the flash heads facing the camera:
#1 - 580EXII, set as master, attached via OC-E3 and 430EX set as slave
This worked just as if the 580EXII was on camera, as you'd expect. I could sync up to 1/250th of a second and beyond that I could use high speed sync for shutter speeds up to 1/8000th of a second. I did notice that the brightness of the flashes appeared to reduce when using HSS (As I have read about before), presumably so they can fire multiple times over the very short exposure time, so I don't think this is the magic bullet required to overpower the sun on bright days.
#2 - 580EXII, set as master, triggered via Cactus V2 and 430EX set as slave
This wasn't quite as successful, but the results were interesting. I found that I could sync the 580EXII up to 1/250th of a second but at this speed the 430EX didn't appear to light up. I found that I needed to extended the exposure time to 1/125th of a second before I could see the 430EX flash too. I can only assume that the longer exposure is required due to the time taken for the Cactus trigger to talk to the receiver and then for the 580EXII to tell the slave 430EX to fire.
This is worth the OP thinking about as he may well be limited to syncing at 1/125th of a second if he chooses this method.
#3 - 430EX and 580EXII both triggered via Cactus V2 (Neither flash was a master / slave)
This worked better than the previous method as both receivers could respond to the trigger quickly enough to sync at 1/250th of a second. If I went to 1/320th of a second (Which is beyond my 30D's sync speed) I found that approximately the bottom quarter of the image was not exposed to the flash.
I read about this actually being useful on David Ziser's blog (Digital Pro Talk) recently. He showed that if the area being lit by flash was in the foreground, at the bottom of the image, he could push the shutter speed beyond the sync speed of his camera by turning the camera upside down. This effectively moved the "dark region" of the sensor, that is not exposed to the flash, to an area of the scene that would not be exposed to the flash anyway (E.g. the sky). This was useful when trying to control the sun on a bright day as he could go to 1/320th or 1/400th if the scene allowed for it.
Thinking about it, there is nothing stopping the OP's 420EX being set to slave mode, as he says that's the only way he can set the power manually, and still being fired by the Cactus receiver - so this may be the best (In terms of sync speed) and cheapest solution (Relative to the ST-E2, pocket wizards etc).
#4 - 430EX and 580EXII both triggered via ST-E2 (Both flashes were set to slave)
Obviously, this worked fine to 1/250th and again I could use HSS to go up to 1/8000th (At the expense of apparently reduced power output from both flashes).
So, my recommendation is probably to go for a Cactus V2 trigger and buy two receivers. It's a wireless solution which would always be my preference. I was still able to sync at 1/250th (Although I was only working the length of a dining room table so maybe longer distances will affect this) and the 420EX can probably still be set to slave mode to give access to the manual power settings (Although I can't guarantee it, it worked on my 430EX).
Hopefully the OP finds this useful."
So, if I understand correctly, #3 is what you'll have when the second trigger arrives and #2 is what you're trying at the moment. The only difference between what you're doing and what I did was that you are triggering the 580EX via PC Sync whereas I connected the cactus receiver to the 580EXII via the hotshoe. I don't know if this is an important difference but it may be worth you trying it out via the hotshoe.
Finally, the only time I have seen a slave flash fire approximately 1/2 second after the master flash is when I'm test firing the master flash and the flashes in the group A fire and then group B fire shortly afterwards. A possibility is that your setup is acting as if the 580EX is firing a test shot and your slave is in group B? That's just a guess but you might try making sure your 580 and 430 are both in group A?
Let us know how you get on.
Cheers