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Unfortunately, a crank sensor will not cause the engine to knock. This sensor helps the computer control ignition system timing, and has nothing to do with crankshaft operation, other that telling what position it is in. If the sensor is bad, or damaged, the engine will not run at all.
The only other thing is the flywheel and/or torque converter. Torque converters, come loose, and when they go bad make this knocking noise, that sounds like a lower end engine knock.
To find the noise, get a length of hose about 2 foot long, and put one end to your ear, and the other to the origin of the noise (like a stethoscope), this is quick and very effective.
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