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You're conflating two sensors. The Knock Sensor is on the drivers side of the engine block, between cyl 1 & 2, beneath the intake manifold. The Crank Position Sensor is the one on the bell housing, and requires the use of a u-joint and extensions between the socket and the ratchet. It is more difficult to get to on the later 240's like yours, because the good A/C system has the accumulator/dryer restricting access/sightlines.
Code 2-1-4 is the Crank Position Sensor. See the FAQ:
http://www.brickboard.com/FAQ/700-900/EngineSensors.htm#Crank_Postition_Sensor
It has good tips on how to replace it, and what to be careful of.
John
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