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I doubt a bad crank or cam sensor would result in any kind of flashing/alternating security indicators.
When the crankshaft sensor on my wife's 1999 E320 went bad, the car just wouldn't start. It cranked just fine, but no fire and no blinky lights.
It could be that you've got two separate and unrelated issues. I would recommend disregarding the blinky lights and chasing after the starting problem in a methodical manner (rather than continuing to just throw parts at it).
Are you getting any codes out of the computer?
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Robert Fini
'12 ML350 BlueTec, 100k
'06 E320CDI (x2)
'05 T1N Sprinter 2500/Pleasure-Way Plateau TS, 70k
'97 C36AMG, 319k (son's)
'94 E320T, 249k
'93 190E Sportline LE, 168k (daughter's)
'84 190E-2.3/5spd (Stage Rally Racer)
'66 230 W110 Sedan (Barn Find, Vintage Racer build in progress)
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