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Driving at highway speed; engine started racing (like the clutch had been pushed in while pressing the gas pedal), and oil light went on. I pulled over immediately and shut the car off; had it towed home. Oil is full (i.e. none lost when the issue occurred on the road and none dripping onto the driveway as it sits).

Visual inspection doesn't indicate that there are any parts that fell off. Codes are:
340: Camshaft Position (CMP) Sensor Circuit
420: Catalyst System Low Efficiency
1192: Inlet air temperature sensor voltage is wrong

This car is a 2001 Limited, manual transmission with 170K miles.
Any ideas on diagnosis?
 

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1966 Crown Coupe, 2016 200 S AWD, 1962 Lark Daytona V8.
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Welcome to Allpar. Was it the red oil pressure warning light or the yellow 'ck engine' light that lit up?
The yellow light would come on with those fault codes. I can't explain the engine racing unless the clutch was slipping?

Look up your fault codes in the Powertrain Diagnostic Procedures book:
http://oskin.ru/pub/chrysler-dodge/manuals/Service Manuals/2001_PT_PTCruiser/01PTEP.PDF

See if any 'Possible Causes' are shared between the codes. Runs some diagnostics with a visual inspection of the wiring and a volt/ohm meter. The cam sensor and IAT may share powers and grounds. Wiring may be cut, pinched, corroded or rubbed-through.
A simple wiring diagram and connector pinouts/locations are at the rear of the book.
 

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Even though it was more prevalent on the 02 models, check the wiring harness under the engine on the passenger side. Some PT owners have reported that a plastic clip will break and cause the harness to rub the drive axle and short out the harness. At least it's another place to look.
 
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