PO342 code
As the camshaft rotates, the reluctor wheel interrupts a magnetic field produced by a magnet within the sensor. The sensors internal circuitry detects this and produces a signal which the PCM reads.
The CMP sensor 1 X signal is used by the PCM to determine if the cylinder at top dead center (TDC) is on the firing stroke or the exhaust stroke. The PCM can determine TDC for all cylinders by using the crankshaft position (CKP) sensor 24 X signal alone. The engine will start without a CMP signal as long as the PCM receives the CKP sensor 24 X signal. A slightly longer cranking time may be a symptom of this condition. The system attempts synchronization and looks for an increase in engine speed indicating that the engine started. If the PCM does not detect an increase in engine speed, the PCM assumes that the PCM incorrectly synchronized to the exhaust stroke and re-syncs to the opposite cam position. If the PCM detects that a CMP signal is constantly low, DTC P0342 sets.
Have you hooked any form of obd scanner to it yourself? Is the code current or passed and history? As for the low oil pressure the sending unit in 99-07 gms are notoriously terrible I would check the oil pressure with a mechanical gauge before I did anything else just to rule out any internal engine damage. Seeing as the oil pressure sender and cam sensor are next to each other on a gen 3 I would look to see if maybe there isn't another section of the harness pinched in the bellhousing? Also does your tach read as that references the cam sensor I believe.

