The reluctor plate was in the correct position but not very tight. I straightened the reluctor and turned the Vanos fully CCW. I reset the reluctor plate with an allen key in the upper timing cover.

However, now I still get code 33. I attach a picture of the live values with the motor running. Is the only way to reset this reluctor plate to take the upper timing cover off and re-attach the timing jig on bank 2? It is not that hard to do but seems odd that using the hole on the timing cover is not doing the trick.

EDIT:
After hunting around on various websites and looking at live data on some other M62tu engines I have to review my conclusions. First: Code 33 is Bank 1, not 2. Second: Live data usually shows values close to 0 as does my bank 2 data. So I am now wondering why I have code 33 and is the 2.5 degree angle the problem on bank 1?

This is turning out to be quite vexing. I should probably recheck Bank 1 timing to be sure it is completely correct. I did not really focus on B1 as I was hunting for a much worse problem on B2. But now that I am focusing more on the code 33, it seems I am hunting for yet another issue on Bank 1.....

Attached Images

 

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2003 4.4i black ext./black int./black headliner (kid's runabout)
2014 535d X-drive, M package, silver/black interior

Sold but not forgotten:
2009 E70 35d, black ext./black int./black headliner (sold 2021)
2006 4.8iS Le Mans blue/cream int./black headliner, SOLD in 2012 sadly...

Other hardware:
2015 Cayenne S (wife's new DD and definitely wroooommmmm)
2016 Tundra 1794 edition crew cab, luxo hauler
2005 Tundra crew cab, weekend hauler. Sold after 150k very happy miles.