The cam signal must be present to initiate sequential spark. From that point, the crank sensor takes over to sync the spark. The cam sensor sync's the injector sequence via ECM. So, if the crank signal is missing or inadequate, you won't see spark, and if the cam signal is not present, you'll get neither spark or fuel delivery. That's usually how you can determine which of the two sensors are bad; CRANK: Fuel thru injectors but no spark. CAM: No spark and no fuel thru the injectors.
I have seen crank sensor problems occur when the thrust bearing at the crankshaft wears out. The crank slides forward too far, causing the interruptor ring to move out of the range of the crank sensor slot, causing a loss of spark. Deceleration causes the crank to slide back, bringing the interruptor back into the slot, engine runs fine. This one will drive you crazy.
Are you using an aftermarket module? The reason I'm asking is that our CCCI tester won't work properly with some aftermarket modules...the cam sync signal generated in the tester is only a single pulse at power-up. The GM modules work perfectly, but the sync signal sometimes doesn't make it to the aftermarket style modules. Check to see if you have an OEM style module. If not, GET ONE!
-John Spina