Did it Saturday, and it was not as big as I feared. I just get really nervous messing with wiring because of the whole "point of no return" thing. The knock sensor on my truck has been bad since I last owned it in 2008. There was no MIL on the dash or anything, but I scanned it when I first got my scanner just for fun and found the code. Even back then, the relocation was pretty well established as a cheap fix for the problem.
For those not familiar with this, the knock sensor is located under the intake plenums on the back side of the engine. It's about a $25 part, but $800 of labor at a shop because of having to remove the upper and lower plenums. It detects cylinder knock (incorrect detonation of the air-fuel mix) and the engine computer adjusts timing and air-fuel ratio to compensate. The sensor in a Nissan plays a passive role, so the engine may run fine without it functioning, but it will throw a code. Some years ago, someone discovered that you could mount a new sensor and splice into the existing harness to avoid the headache of removing the plenums, so I followed their lead and did it.
This guy made a great how-to video on YouTube that I used to know what to do.
http://youtu.be/2t1l68s8MmM The only thing about his video that is not 100% clear is the location of the second wire. When you cut into the cover and find the black-covered wire, the second wire is wrapped around the white wire inside the black cover and not separately insulated. It took a few minutes for me to figure it out, but if you notice in the video when he starts the splicing, that splice looks like it's sticking out of the insulation - that's because he put the splice on exactly where it exits the cut he made. Also, the part number he lists is for the wiring harness, not the knock sensor. The sensor itself has a separate part number that I don't remember, but can supply if someone is looking to do this mod and needs the part number. (I bought a package deal off eBay for the harness and the sensor)
Overall, it's a relatively easy fix and should help my fuel mileage, since now the engine won't run rich to compensate for the bad sensor. Here are some pics of the finished product:
Knock sensor bolted onto intake with harness looped to left:
Prettied up where I did my splicing: (you can tell I recently replaced the valve cover gasket)