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i would say just leave it as is, if its not leaking no sense in pulling it out to put a plug in it. and ik its a newer motor than what mine is, but my npi doesnt have nething there.
we have an 04 interceptor at school and i checked the car and the 2004 factory manual. it is indeed a knock sensor. "Due to abnormal stress and load that may accompany this vehicle, the Modular 4.6 Liter V8 has been modified to allow the vehicle's PCM to monitor a wider range of parameters to ensure the engine maintains a long life." straight outta the manual. it also says it "has better oilling veins to prolong engine life" among a few other things.