I agree that Knightley deserves a spot in the Ring of Honor. The fact that the '63-'64 team which played in the Final Four (not known as the Frozen Four back then) is to be honored that same weekend may have a good deal to do with the fact that this time, rather than some other time, has been chosen for Knightley to be recognized in this way. I would think the 50-year reunion of that team would be more likely to boost attendance than Knightley by himself.
A couple of interesting tidbits.
Although the '63-'64 team made it to the Final Four, their regular-season record was only good enough for a tie for sixth place in the ECAC, back when the ECAC encompassed all of Eastern hockey. They won a first-round ECAC playoff matchup from BC, lost the semifinal to St. Lawrence, but won the consolation against Clarkson and were named as the ECAC's second participant in the NCAA tournament (which consisted of only four teams) when St. Lawrence chose not to go.
And Knightley, when he is inducted, will become the answer to an RPI hockey trivia question, "Who is the only member of the Ring of Honor to have played against RPI?" Knightley went on to graduate school at the University of Western Ontario after his graduation and was on their hockey team (Canadian rules allowed him to be eligible to play varsity hockey) when they came to the Field House for the RPI Invitational the next year.