Hi Prelude5150, the P1361 code is for the TDC/CKP sensor. Here are some possible causes, faulty sensor, wires to sensor are damaged, or timing is off. I would check the timing and damaged wire to the sensor first before replacing the actual sensor. If you are able to drive it to 40 mph and rev up to 3000 RPM, I would assume that your timing is off. This could happen if your timing belt skipped a few teeth. Stop driving it and check because if the timing is off you can be bending valves [DO NOT FORCE THE ENGINE]
Here's a video for replacing the sensor check it out to see where it is located and for timing too.
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