you're better off replacing the knock sensor . it adjusts the timing automaticly by sencing any knocking sound & does the needed adjustment .
Should be on the passenger side of the engine screwed into the block by the starter. It is below the exhaust manifold.
It will should be located on the Y pipe of your exhaust between the engine and the catalytic converter.Just unplug the wire harness and then unscrew the sensor and then install new one.
it should be on the side of your tranny towards the tail end
It should be a 5.7L 350 If it's factory.
It is a the tail end of the transmission and should have a 2 prong connector.
It is screewed into the exhaust pipe. Start where the exhaust pipe bolts to the engine and work your way back to the muffler and you will see it. It should be close to the engine. It will be about 4 inches long and have a electric wire coming from the top of it. I'm sure that year truck only had one oxygen sensor.
ORANGE is factory.
remove engine should be pretty straight forward after that
Normally the chain will last the life of the engine and is replaced when the engine is overhauled.
Yes it can hurt your engine to drive with a bad knock sensor. The knock sensor should be replaced as soon as possible.
Dexcool. ORANGE color.
The spring on it goes down in the engine.