Is a hook knife always the best way to go? They make 6" (3" blade, 3" handle) titanium, blunt (so you don't stab yourself or your kite) diving knives with carrying case like this one
http://www.scuba.com/scuba-gear-30/0...-BC-Knife.html You can also get a 20" retractable leash for it so you don't loose it or drop it? Good choice or too much?