I actually built a DIY knock sensor based on these directions, it was a little too sensitive. I found it was going off all the time.
http://www.gnttype.org/techarea/projects/projectspage.html
I looked at the circuit and docs you linked, that circuit is really only useful when used on the knock output line from a Buick GN turbo ignition module that does the band limiting and knock threshold detection for the knock sensor. All that circuit does is stretch the knock pulse output from the Buick ignition module into something long enough to illuminate an LED so your eye can detect it. There's no knock threshold detection or band limiting going on there, it's just a classic 555 timer configured as a pulse stretcher.
Knock detection isn't easy, OEM systems often use piezoelectric knock sensors (accelerometers) that are sensitive to (mechanically tuned to...) the knock frequency of a particular engine. Knock typically occurs between 4KHz and 7KHz. Cylinder bore diameter and combustion chamber temperature are the main variables that affect knock signature frequency, knock frequency goes down as bore size increases and as combustion temperature decreases.
OEM systems also apply electronic band limiting (limiting the frequency response of the system) to the knock sensor signal to help reduce false triggering from engine mechanical noise and engine block structural resonances and vibration.
Additionally knock threshold sensitivity changes with engine load, engine RPM, coolant temperature, etc, and these parameters are usually mapped on an engine dyno under controlled conditions.
The last thing is that knock occurs only between 10º and 70º after top-dead-center of the cylinder event, so it only makes sense to look for knock between 10º and 70º ATDC, as any events outside of this period aren't knock, they're false triggers - noise.
I'm not trying to discourage anyone from using or trying an aftermarket knock detector, but unless said device gives you the ability to determine and set the knock frequency range to your specific engine, adjust the knock detection thresholds, and interface with the crank sensor so that events outside of the 10º and 70º ATDC window are ignored, you're probably just adding noise-sensitive pretty blinking lights.