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if you are running the stock ECM (and even any aftermarket that does use the knock sensor), then i suggest against it. in addition to adding some default spark retard to prevent knock, there is a chance you will do some serious damage if there really is knock and the ECM cannot react to it.
ski_dwn_it put up some great post responses on the subject if you'd like to search.
Here is nifty idea that forum member JoBy came up with. Maybe it can help you find the problem. Sometimes exhaust rattles or some sheetmetal noise can feed the sensor bad data. Be all means, do not disconnect it. The sensor threads need sealant in order for the sensor to function correctly. Also, the GM manual states that after being installed, a used sensor should never be re-used!!! Good luck. :chevy
Here are MY views on the subject. A scanner determined that I was getting knock counts. I filled the tank with the best gasoline available, timed the engine to 0, and STILL got counts, while revving it in neutral (no load). That told me that the sensor was picking up some external "noise". Exhaust? Motor mounts" Piston slap? Who knows. I was certain I wasn't getting knock or detonation under those conditions. I disconnected my sensor. I believe in the virtues of a properly functioning knock sensor, but I couldn't abide by the ECM pulling timing out, needlessly. I now set my timing by 1/4 mile, mph numbers and audibly listen for the sound of pinging, like in the good old days. Can disconnecting the sensor damage the engine? YES! If you're not paying attention to "business". Good luck, and...