Hi steve,
I was thinking about what could actually bring up the code 12. Other than faulty cam sensors and wiring, which you have changed and verified, to me it must be the cam's actual poistion, either one side is out or both. To me the ECU would use one cam for intial reference(and use the other for redundancy) then count the teeth on the crank(24) and expect to see a cam pulse at a certain period, then make an assumption of position, using time and rpm(maybe acceleration too), to fire the plugs with some sort of accuracy. The intial reference would be locked in(a timing table perhaps) and any errors from startup would be there to stay until shutdown. The ECU could compare the crank pulses count between each cam pulse. If it's one tooth out, and each cam tab is 180 degrees apart then there would be 24 crank pulses between each cam pulse. If it's one tooth out the the sequence would be 23,25,23,25 etc etc. Surely this would produce an error in the ECU. Sorry I'm thinking out loud.
A handy thing to do would be find a local electronics technician(TV repair - they're cheap) with a 3-4 channel Digital storage scope and get them to monitor all three sensors at once. At a constant idle you should be able to count the pulses and watch them relative to the others taking note of the crank pulses between each cam pulse to see if they are symmetrical. I assume they should be. The 4th channel could monitor the tacho output to get an idea of actual timing relative to the others.
Another thing, in regards to your meter measuring the frequency of the pulses. I'm thinking that a meter would have a hard time measuring the cam sensor output accurately as the duty cycle of the cam pulse is so small, ie one small tooth per entire rev. Tomorrow, I'll check my cam outputs with some different meters and compare your results. Unfortunately, I can't test my scope theory myself cause work won't allow me to loan their scopes for a few days - I've tried before.
Good luck. Hope you find the answer soon. If you need any electrical test measuremant done for comparison just ask. My ECU and wiring is still dangling out under the dash.