Only if the running lean leads to detonation.
The S54 is a very precise engine with high tolerances. I believe any lean running will lead to excess heat, I am not saying that this is the only cause of HG failures but it is certainly going to be a major contributing factor.
The knock sensors didn't seem to work on Mole's car he has suffered Detonation.
http://www.cslregister.com/forum/showthread.php?t=4750