K1B could also mean knit one in the stitch below the one on the needle. This makes sense with the way it is written, "K1B, knit 1 in stitch on needle". If you are knitting into the back loop and then the stitch itself, they are both "on the needle".
To K1B (knit one below) do it as a regular knit but insert the needle to begin the stitch by sticking your working needle below the loop on the needle, directly into the center of the vee there. Then stop after you pull up the loop and knit the stitch on the needle in the regular way, slide it off. It is an increase.
Do you think a k1b, k1f in the same stitch would have the same effect?
It would be a little different. It is not hard to do a K1B, so I'd do it the way it says.