I only caught the tail end of Raines' career when he was pretty much past his prime, but he still looked an excellent player with great composure and balance. I've seen select games from the early 80's when he was in his prime and he definitely looked an explosive, dynamic player who had great kicking technique.
Knights was a bit more of a laid back type, one of those footballers who make everything look easy. He was never really explosive, but relied more on a creative and intuitive reading of the game to work his tricks. Like Raines he had great balance and composure, but he lacked a bit of Raines' penetration with his kicking and was more handball oriented.
I wouldn't want to say who is better not having seen enough of Raines to really compare, but from what i can tell there isn't much that separates them. Maybe a prime Raines just has the edge, but its close.
P.S.
Both are Cambo's biches