A few months ago I started to ear my engine knocking at certain rpm's, with the engine under load. I suspected of the knock sensor, but since it's way too expensive when bought at Honda, I bought a cheap one in ebay, just to check if it would solve the problem. Meanwhile I got the sensor, when I got under the car to remove the plug, the damn sensor got broken in half.... Then, after struggling with it for an hour or so, I wasn't able to remove it. It's quite tight to work in there. I just the broken part back on, and no EML turned on...
I got a breaker bar with a swivel head, which might help get the job done. Still, I suspect that I will have to remove the oil filter to do the job, otherwise it's going to be hard to get it out of there. Unfortunately, I still didn't had the chance to try replacing it another time.
Make sure you get a 24mm deep socket, otherwise you will not be able to tighten the new sensor.
Where did you ordered the new sensor and what will be it's cost?
As for symptoms, you could get pinging/knocking if it's not working properly, but in your case, since you have the EML on, the its completely disconnected, the engine should be working in "safe mode", I guess that would have nothing to do with your idling speed.
As for the idle speed, you could remove the IACV, on the back of the throttle body, and give it a clean with carburetor/injector cleaner.
About the the knock sensor plug, I gues it's the round green plug with only one wire (the upper one). It's from another engine, but the plug is the same: