It depends on the extent of the damage and how long its been knocking and how hard its knocking.
It its just a very very light knock and just started, you should be able to get away with just replacing the bearing and clean up the crank with an emery cloth to try to get it as smooth as possible. However, with this its almost certain to spin again in the near future especially with hard use.
Most spun bearings ive seen especially if knocking fairly loud your pretty much screwed. It will have damaged the crank enough that the crank needs to be replaced as well as the rod and bearings.
When the bearing spins and begins knocking it tends to oval the big end of the rod and if you try to put another set of bearings in it will spin within the first drive almost guaranteed. This is due to the out of round rod big end. which closes the oil clearances on the sides of the bearings and just seizes them.
Overall in my opinion, basically its time to rebuild the motor if the knock is even remotely loud. New crank, new rod, new headgasket, and all new rod and main bearings. Not really expensive parts wise but it does cost time.
Trust me, Ive done a shit ton of SR20 rod bearings and it never works out if the knock is even remotely loud. If you can barely hear it, like I said, you might be able to get away with replacing the bearings and just cleaning the crank.
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