Clue: "To knit or not knit" sounds like some wisdom (4)
Answer: PURL
Explanation: Definition: "To knit or not knit"
'Sounds like' PEARL ('some wisdom'). PURL is a knitting stitch in which the active needle enters the preceding stitch from the back, as opposed to a knit stitch, from the front, and patterns will contain such instructions as "knit one, purl one"; hence the definition.