U P D A T E:
After a couple on here suggested "the alternator"...I conveyed that to the Dealer...who was REALLY skeptical. As i was, too. WHY would the alternator have any effect to a "Camshaft Sensor Bank 1" which seems to be a simple diode that counts timing of the camshaft with a simple wire to & from the PCM. Well...it seems my young tech who was working on it...couldn't get it out of his head last night. So, he came in EARLY this morning (5am) to try something...and it WORKED!
This 1st graph shows the car running, WITH the alternator "Plugged-In' and you can see the LARGE SPIKES which indicate the Camshaft Timing (in 100th of milli-seconds of timing)
As you can ALSO see...there is "NOISE" in-between EACH and EVERY cam revolution...and in SOME of that noise is pretty predominate "spikes' which he felt COULD trigger a reading on the PO340 - Camshaft Timing Sensor - Bank 1 (WHICH upon further inspection...the young Tech LEARNED that that sensor does NOT need Power from the PCM. IN FACT...it has small magnets inside which generate the power in which it operates. Therefore, the simple single wire to & from the PCM just convey the clean or "noisy" timing of the camshaft, were it to be off a tooth or two.
The NEXT Graph shows the car running with the Alternator UNPLUGGED...
See how "CLEAN" the transmission from the sensor is WITHOUT the alternator engaged. The "FLATLINE" between strokes indicate a MUCH more smooth operation WITHOUT any possibility of in-between "spikes' that could unsettle the sensor and provide what had become very random "PO340" codes.
SO...thanks again to @Hummer03 and I forget whom else said "it's the alternator'...you were RIGHT! *I hope!
NEW Ford reman alternator is on the way tonight...young tech will be transferring my current Alternator's powder coated black covers to the NEW (RM) alternator...and we will SEE if I can get my BAD BLACK ***** BACK OUT ON THE ROAD!!!!

