Hi Misfire,

Your capture is out of sync.  The PCM usually has no clue when the CMP/CKP relationship is out of sync.  No flashing bulb or scan data parameter is reliable.  You have approached this in the only way to confirm this reliably...with a scope.  (other than dissasembly)

Here is a one second capture of 12 engine revolutions of this relationship:




Now let's zoom in x5 and overlay them:



As you can see, this one is different than your relationship.  Who knows how far off the other cam is, but that one is certainly off.   

     Pulled the timing covers off today and sure enough belt had jumped 1 tooth bank 2 cam sprocket. Hard to believe 1 tooth would make it run as poorly as it did. Belt has a chunk out of it, just repositioned it for now and started engine to assess how it would run. The customer want's to repair this 225k car despite my telling him I have no earthly idea what made the belt jump. We replaced the water pump idler, tensioner and belt 1 1/2 years ago and all except the belt are fine now. Checked for a cracked flex plate which is a common problem on these engines but this one looks ok. Makes me nervous but I guess I'll put a new belt on and drive it. Only thing I can think of was one heck of a backfire. Anybody seen anything similiar? 
     Thanks all, oh by the way before I pulled it down this am when I pulled it in the cruise light was flashing so I guess the other reports I have seen are true about the cruise light flashing when ckp/cmp sync are out.