EAC=Electronic Air Control - it controls the solenoid that controls the air pump flow, it can be safely eliminated for your application, I am assuming you have eliminated the air pump.

You can safely run the vehicle without the knock sensors, but it will turn on the check engine light. You can modify the ECM to eliminate the knock sensors or you can run it as is for initial testing and add a knock sensor later, but for it to function correctly it would need to be the right sensor for the engine, not likely to happen.

In as far as the red and white wire you would need to trace and out and see where it originates, possibly the fuel pump test connector (ckt 490) which is only used to bypass the oil pressure switch and the fuel pump relay to send power directly to the fuel pump.