The On Success event can be used to execute a Continue action to take the user to the next slide (or Jump to a specific slide). The On Last Attempt event can execute a different action if the user has answered incorrectly and used up all allowed attempts. If you have a button on the slide that is hidden, then this 'fail' event could be used to SHOW the button so that the learner can jump to a specific content slide.
Is that more or less what you want?
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To add to Rod's explanation, in the default setup of Knowledge Check slides, the attempts are 'Infinite', which means that you don't have a Last Attempt action. You can edit the number of attempts. If you set it to 1, you do have a Last Attempt action which you can use as Rod explains. There is no real 'Failure' event to be used, only for the last attempt.
Differences between normal Quiz slides and Knowledge Check slides, find some clarification in this older post:
Thank you both! That definitely gets me pointed in the right direction, I'll do some testing and see how it goes, I'll comment back here if I run into snags. Thank you!!