Sanboy, I would definitely get your truck in for repairs. Leave the knock sensor code on there. The knock sensor is vitally important to the health of the supercharged engine. Knocking and pinging means that fuel is pre-igniting, which does wonderfully damaging things to pistons. Before long, you'll have a hole in a piston and will need an entire engine rebuild or replacement. Putting it off until it breaks down completely may put you in danger of the extended warranty company not covering the issue due to neglect.
Shortbus, the knock sensor does almost nothing for the non-supercharged engine. Having it replaced is very expensive (mostly labor). Given that, most folks with non-supercharged engines don't have it replaced if it will mean an out-of-pocket expense. There are probably other reasons your truck is getting poor fuel economy and/or low power. A good place to start would be the fuel filter, if it hasn't been replaced in a long time. How many miles are on your truck?
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2002 Just Blue XE 4x4