Sorry I didn't see the milky oil part.
I would go along with 99 at some point but is there a possiblity of you being in a cold climate with a lot of short drive trips that would cause the condensation inside the engine not to burn off lately?
Has your coolant, engine and tranny fluid been stable that would undicate a mix somewhere?
In reading over the instructions of a crank and cam sensor replacements I did not see any indication that oil was exposed so I would assume he was still looking at other causes or like 99 said he just might be giving up.
If you did find an oil fouled plug then by all means consider having the head taken off and inspected.
At some point a line will have to be drawn on costs of continue inspections or just start fresh with a another motor.
I will still say that if the dist. code still can't get removed then you will have to revisit the dist. and gear and wear in the valvetrain from the camshaft gear in the back being worn to worn timing chain assy. and anything in between on the bank with problems.
If all is fine with that then it should eliminate mechanical failure side of the p1345 code was describing putting you back at square one with a possible alignment problem which is correctable and prehaps check the inside of the dist. cap for eveidence of damage. That should be the only physical link between the two sensors. If you had a wire loose are break in either you would be popping a different code.
If your up for continued diagnosis I would go for getting a good scanner for yourself and subsribing to alldatadiy.com. I am going to look at contacting a company about the scanner I mentioned before to see how deep the ysytem goes and how much it will cost for myself and will write back with the info.
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Gully try these links. There are what I believe what one would need to really dive in the computer system. Each link represents a item that needs to be purchased to get to the detail enhanced parimeters results. The total would be about $320.
It is pc based so if you have a laptop that would be great. I have an unemployed one that I actually may put a permanent mount in my truck for.
hardware w/ free basic software:
http://www.scantool.net/scan-tools/obdlink.html
Professional software:
http://www.scantool.net/software/scanxl-pro.html
Gm enhanced sofware:
http://www.scantool.net/software/scanxl-gm-enhanced-diagnostics-add-on.html
This last link of enhanced perimeters is to big to post so here:
http://www.palmerperformance.com/support/supported_vehicles/gm_enhanced.php
All that should give you alot as long as your vehicle support those perimeters.
I am still looking but this is going to be my first choice.
Have not found a phone number for them yet but I think it is all online support.