I may be able to go one better. I need to verify this, but I believe the LS1 sensor has M10 X 125 threads. If that's true, then I may be able to make a bushing with male 1/4" fine pipe threads to screw into the block, and metric female threads for the sensor. If that's possible, it would keep me from drilling holes in my engine (which I'd rather not do).
I need to verify one more thing. I think non pipe thread sensors must be threaded all the way into the block so that the base of the sensor is in contact with a flat surface. If that's the case, drilling a hole in the block becomes a little more challenging. A place with a smooth, flat surface must be selected in a location suitable for knock detection with a low incidence of other noises. Boy this is really fun.
Thanks for helping me brainstorm. I appreciate your input.