Is the CKP sensor sending a signal to the VCM? See page 2 of link below...
http://troubleshootmyvehicle.com/gm/4.3L-5.0L-5.7L/how-to-test-the-crank-sensor-2
The code comes up because the VCM isn't seeing the sensor's signal. Without the signal, the VCM will not know when to signal the coil so you won't have spark...or fuel, either. I don't think the VCM would know when to ground the injectors.
If you have voltage and ground at the CKP sensor, then it must be missing the signal due to a bad sensor, a short in the signal wire or bad connection(s) at the sensor or VCM. Last possibility would be a bad VCM.
I'd check for a signal from the sensor using that link and see if it's a bad part. If that shows that it is sending a signal (but it's just not making it to the VCM), then check the condition of the signal wire to the VCM (yellow, circuit 573) and the VCM connectors, particularly the blue C1 (CKP pins #28 & 31) and the grounds (pins 17 & 18) on white C3.
See post above from eyesi--he linked another thread where someone had an issue with VCM grounds causing a crank but no-start.
You must be registered for see images attach
You must be registered for see images attach
You must be registered for see images attach
You must be registered for see images attach
You must be registered for see images attach
You must be registered for see images attach
Also, make sure the sensor mounting surface is clean.
You must be registered for see images attach
You must be registered for see images attach
Sent from my iPhone using Tapatalk