The cam sensor only effect the way the fuel injection system works, in that it tells the engine when it's on the number 1 cylinder in conjunction with the timing signal coming from the CAS. Using this info the system can function in full sequential mode (it only pulses the fuel injector for the cylinder on the induction stroke). If the signal is missing the PCM will run in Batch mode, basically put it pulses all the injectors (and the fuel sits and waits in the inlet port until the valve opens). Batch injection is how all the early 3800 V6 engines ran as well as all the Holden injected motors (except the VT 304's and VS sIII) so there really should be no appreciable difference in how the engine runs other than probably a slight increase in fuel usage.
