Due to work being insane (oh boy...), I've not been able to follow up on this.

I got 50 miles of AWESOME driving in last weekend. It was blissful and operating well beyond my expectations. Then the Miata suddenly started firing on two cylinders. Megasquirt was giving me a vvt1 error.

Nothing wrong in the engine as far as I can tell. Enclosed are composite logs.

All I could find on the engine bay was an oil leak on some wiring from during those miles (eek!), and I didn't have time to clean it last weekend. Could this be the cause?

Thanks!

Correct me if I am wrong, but perhaps the car can run (albeit on batch injection/ignition) without a cam sensor?

VVT1 error is an error that I get when I run my ECU on a stim with the standard (01-05)trigger wheel settings but without changing the cam-in settings on the stim.

I'd look at your cam sensor and the associated wiring. Is this a new sensor or the old one? If it is an old cam sensor, I'd pick a new one up because even if this one isn't bad yet, it will eventually fail and keeping a spare in the trunk is cheap insurance.