yes it would
the 5.7 and the next years 5.3 crank sensors were causing misfire issues like this where you didnt feel it misfire but would blink the light
if the distributer is tight and nothing loose and the lower gear is fine then change the crank sensor if it still acts up the only thing left that we have seen is the $ 3 cylinder laves sticking in the valve guides causing this exact issue
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The vehicle may exhibit a SES Light due to a P0300 and misfire. If the misfire is related to the information below, it will typically happen while cruising uphill, pulling a trailer or on hard acceleration and then stop misfiring shortly after returning to an idle. Typically, cylinders 3, 4, 5 or 6 will be the ones to experience this.
If the P0300 SI diagnostics did not isolate a concern, the following may help:
Remove the valve cover, valve springs and valve seals on the effected cylinder or cylinders. A small wire tie or rubber bands can be placed in the valve stem keeper groove to prevent the valve from falling into the cylinder. Rotate the valve while moving it up and down in the guide to see if it binds. If a binding valve is found, remove both cylinder heads and use either of the following methods to increase the stem to guide clearance:
^Send the head out to a machine shop and advise them to increase the valve stem to guide clearance to 0.002 inch per guide.
^Hone the guide with a 9 mm hone, such as Snap On BCG249, until a clearance of 0.002 inch is obtained. This will usually take about 4 strokes of the hone.
Reassemble the cylinder heads using new valve seals.