There is no such thing as a "correctly-formed neologism".
Neologisms are, by definition, new, and therefore not provided for in The Rules.
So they're by definition also "incorrect".
Of course, The Rules can change, and that's what happens when a neologism survives.
The Rules come to accept it (or at least they ignore it).
As to "knowlet", there is a fundamental problem, caused, as usual, by English spelling.
The root know occurs with two pronunciations, though the spelling doesn't change:
- /no/, like the verb /noz/ in He knows everything.
- /na/, like the noun /'nalɪdʒ/ in His knowledge is vast.
So for any neologism spelled knowlet -- never mind what it sposta mean --
it could be pronounced /'nolɪt/, like the verb,
or it could also be pronounced /'nalɪt/, like the noun.
(There is no hope, by the way, of getting the final syllable stressed, with this spelling)
If it were ever to become common, there would undoubtedly be some difference
in pronunciation, because knowlet would occur almost exclusively in text.
So there would be phonological dialects from the beginning, and that leads
almost inevitably to semantic and syntactic dialects as well.