I got code 31 from the onboard diagnostic light. The check engine light never comes on abnormally but when I short the dianostic port it gives code 31.

What is the drawback of it?
Will I blow my engine? I never notice the engine knocking and I am prett sensitive to any engine noise.
Or will the engine just got worse performance/mileage because the ECM would not allow ignition timing to advance as far as normal?

I just hate to tear all the intake and injector apart to gain access to the knock sensor. I notice the wire are a bit chafed when I did the valve seal but I did not think to check or replace it at that time. I just tape the wire back and slap everything back together.