Unrelated to security, but practical experience from using fwknop in the past: port-knocking tools that depend on timestamped packets are a great way to get locked out of your server if you have time skew between server and client. EC2 instances will drift a lot over their lifetime, so if you're not running NTP you will likely eventually fall outside the portknocking implementation's grace period, and then be unable to access your server at all, short of rebooting it or figuring out how skewed the clock is. Not fun.