Simple things to check/try. Make sure the timing belt isn't hitting the cover. Also try premium gas and if that makes the knock go away then your compression ratio changed.
98.5 SVT
91 Escort GT (almost sold)
96 ATX Zetec (i brake to watch you swerve)
FS: SVT rear sway bar
WTB: Very cheap beater
CEG Dragon Run - October 13-15