I am having the exact same problem with my 02 GT. Same code but I also have an alternator bearing noise that I was told could be setting the cam sensor code because of the frequency. I haven't found out if that is related to the starting problem yet though.
An alternator with a bad diode or rectifier, I can't remember which one can cause that code. I had it happen to me on my 99, and replaced 3 sensors before a good mod motor mechanic told me to replace the alternator. I kind of looked at him stupid, but did what he said, and the code went away. Unfortunately, I don't think there's a way to test the alternator to see if it's causing the problem.
2001 Dark Highland Green Bullitt [email protected] naturally aspirated on a bone stock 2V longblock
Under Reconstruction for RS275 Drag Radial Class Pushrods and Powerglide Coming Soon
If it weren't for physics and law enforcement, I'd be unstoppable.
Okay, just to give you an update. I first tried to put a new IAC on while I was waiting for my new alternator to show up. It did not fix the problem. Put on a new alternator and the problem is now fixed.