Probably not iMS. When the IMS fails, the engine quickly destroys itself.
Knocking could be minor or major like a main bearing. A through check by an experience mechanic is important.
I'd drive it a little as possible, if at all, until you know what's really going on.
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'87 951
'01S 986 (Sold after 16 years ownership)
'78 924 (carburated; sold when moving to CA)
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