PO 141 Sensor cause pinging?

97 K1500 5.7 w/108K, pings bad unless you use super unleaded,runs great otherwise, check engine light came on, PO 141 code, located the sensor on the exhaust, part store has it in stock, WILL REPLACING THIS HELP MY PINGING PROBLEM, OR JUST KEEP THE LIGHT OFF?? Thanks...

A P0141 is for the O2 sensor perfomance Bank 1 sensor 2. If there are no wiring concerns, then replaceing the sensor should fix the SES light.
As far a the spark knock problem, may have sticking injector poppets causing a lean condition, degraded Knock sensor or even excessive carbon build up in the cylinders.