Pulling the intake manifold will definitely help get access to the sensor, but yes you should be able to get to it from underneath the car.
The fact that the CEL only comes on when its raining could be due to water getting into the connector plug as well. I've never heard of that specifically happening on a protege, but it is a common issue on the suzuki sx4.
That said, the knock sensor is not really doing anything except for perhaps pulling some ignition timing if knock/predetonation is occurring (pretty uncommon in general) As long as you're not using terrible gas, and the rest of the engine is in decent shape mechanically, there is no great need to replace the sensor since it is presumably functioning okay except for when it gets wet.