Engine P0012 Code In 05 Gt

I get a P0012 DTC and my engine runs rough under load (it idles fine). I took it to a diagnostic specialist and he said I will need a new engine. He based this diagnosis because he has tried to fix 4 other cars and 3 of them have had a catastrophic engine failure soon after the repair. The repairs he did was replacing the entire timing system (VCT sensors, timing chain, tensioners and phasers). I believe him because he did not offer to do the work or recommend a shop. He actually refused to do the work and only charged me an hour of labor.

He said it was caused by using oil that was too thick.

My question is, has anyone else had this happen to them? What was the fix? Any other problems?
 
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How many miles on the car?
What weight oil were you running?
I run 5-30 in the warmer months and 5-20 in the winter. I hope you get an answer, if it was mine I'd sure be tempted to try the repairs. I don't know that well enough, but I wonder if in addition to the parts mentioned there is a solenoid of sorts to adjust the cam timing that is failing? That may be the phasers though. Just not sure.
 
It has about 120,000 miles. I was running 10-30 all the time. The guy was pretty adamant about not running anything heavier than 20 wt oil because the tubes in the sensors are so small, the thicker oil can't get through. I am tempted to do the repairs rather than get a new engine because, despite the high miles, I take good care of the car (except for putting in oil that is too heavy). The guy told me the engine is very clean on the inside. The high miles do concern me though...
 
I wouldn't worry about the miles. My 06 is at 157,000 and still doing great. My old 88 5.0 went 357,000 and still runs fine. If it is clean inside, I would try to repair myself or have him try making sure he replaces everything with good parts. Rockauto sells most brands and there are plenty of good suppliers here as well.
 
I don't know why people insist on running non manufacturer spec oil W. It's not 1952, these motors are machined to super precise tolerances. STICK WITH FACTORY W OIL!!!!!!

A P0012 DTC trouble code may be caused by one or more of the following:
• Incorrect camshaft timing
• Wiring problems (harness/wiring) in intake timing control valve control solenoid system
• Continuous oil flow to VCT piston chamber Failed timing valve control solenoid (stuck open)

The main thing to check is to verify the operation of the VCT solenoid. You're looking for a sticking or stuck VCt solenoid valve caused by contamination. Refer to vehicle specific repair manual to perform component tests for the VCT unit. Notes: Dealer techs have advanced tools and the ability to follow detailed troubleshooting steps, including the ability to test components using a scan tool.

Read more at: http://www.obd-codes.com/p0012
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Sparta, I didn't switch to 5-30 till after I had over 150,000 miles and only did cause some days I sit it traffic when it is over 100 degrees. Seemed the motor was a little "noisier" when hot. Cooler months I still run 5-20.
So I gather you still would stick with 5-20?