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If you find that the reluctor doesn't move go to a local chevy or gm dealer parts department and have them order you #12565102. These are shims for the crank sensor that will move it further out away from the reluctor. I think it comes in a 2 pack. Put 1 shim on the crank sensor then re-evaluate. You may need 2. This was a bulletin for the 4.3 engine but according to my parts department the crank sensor for the 4.3 and 5.7 are the same part number so these shims should work. You should probably get a new OEM sensor as well
At this point you don't have to do anything with the cam sensor. These shims are .5mm thick. and yes the crank sensor problem has to be corrected first. Also with this many miles you could have a loose/sloppy timing chain causing the cam sensor code. I'm not sure if i can help you anymore from here
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Ellen
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