in this case, low input voltage means "no input voltage" as power isnt making it to the knock sensor because it is likely water fouled (ruined)
if you're still not convinced a quick way to verify this is check for 12v at the pigtail (i think) coming out from under the back driver side intake manifold area, it practically clips about an inch or two away from the intake manifold, on the harness side connector you should see voltage, if you do, the knock sensor is bad, since its the sensor not taking the voltage and doing its trick.
--comments from my repair below--
if you are anything like me, you will want to dedicate about 3-4 hours if you have a hand, if you're doing it yourself maybe 5 hours (first time) that way you can clean the intake valley VERY good, scrub, scrub, scrub,
(think they're going to clean anywhere near this good if you take it in for this repair?)
IF you dont have a dremel, now would be the perfect time to get one you will need it, or some type of round wire brush to manually scrape the knock sensor holes...they will be at the very least crusty and dirt and worst case rusted and corroded...these really need to be as clean as you can possibly get them, had i had a power tool i would've cleaned it much better
(i was dis-satisfied with the look of mine after the repair was over but i was still thorough and the code hasnt came back...this is just my one regret) also if money isnt an issue a second tip might be to possibly replace the entire lower intake valley and gasket you'll have a nice clean plate to secure your knock sensors to, the plate is only about $50 dollars online. but a dremel and an extra 30 minutes of polishing will get the entire thing looking OEM.
Also be sure to perform the TSB using RTV Silicon (i used grey or black to match the sensor boots) and create a 3/4 moon shape around the rear (KS2) knock sensor...remove the rear foam (or both your choice, but def. the rear) so that future water/debris can be pushed out the back of the engine,
The issue here is that the engines are slightly inclined, slanted backward if i remember correctly, and the foam blocks under the intake manifold trap water in the valley and it wreaks havoc on the system.
http://www.corvetteactioncenter.com/tec ... t-396.html