What ECU are you using? I thought OBD1 B16a's only were supposed to have one oxygen sensor? Figure that out first.

I get that knock code once in awhile, I just ignore it. I just make sure to run good 93 gas, like Shell which is top tier, I've only got it once since I switched to Shell a few months ago and I used to get it a lot more. I wouldn't worry about it too much unless it is constantly coming on.

As for the ticking, I think this is normal. I can hear mine tick pretty noticeably coming through the air vent left of the steering wheel. I adjusted my valves a while back, and this made it a little quieter. As far as I can tell it's normal and the engine runs fine. I think it's just the way they are.