G'day MickG,
I don't believe you will find it is a valve.. it is and electronic sensor... this is what tells the ECU where the pistons are ( by monitoing where the crankshaft is) and so determines when the spark plugs fire. ( notice you don't have a distributor to do that..I'm assuming it's a V8)
Mine died when the car had done about 110,000 fairly simple to change... but I think they are a bit pricey,.. we put in a second hand one that is working perfect for about $90 ... I think.
The symptoms I had was that it would run fine... then suddening at low reves.. would just stop!... and be hard to start... but then if and when it did start.. ran fine.
After the change I have got slighty better fuel economy too..
Cheers, Mark




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