Ahh I got a little confused as this thread turned into a few related questions.
tireguy240sx-needs cam sensors
zacks03g35- in order to properly diagnose this you will need a multimeter or better yet an oscilloscope. If you do not have access to this equipment diagnosis will be a mere guess. A PO340 is usually resolved by replacing the sensor although it may be possible that the sensor has lost its power supply or ground. When you have a fault like this present in the car the ABS will store and Engine Signal code causing the related lights to illuminate.
http://www.nicoclub.com/FSM/G35/Sedan/2003/ec.pdf EC-334 Starts the diagnosis of the PO340.
This could turn into a pricey repair I strongly suggest taking this car to a specialist, it may cost you an hour or two of diagnostics but you should get a real answer, whether it is good (bad sensor, or a loose pin) or bad (ECM, or a damaged cam signal plate).
Not to question your mechanic but is he familiar with the VQ and Infinitis ECCS these cars can be tricky when something goes wrong.