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I would suggest that if you do carry a knife whilst doing any form of diving then carry it on your weight belt rather than on your calf as if anywhere is likely to get caught or tangled it will be the knife on your calf. Many divers wear two knives one of them being an emergency knife if the other is lost the emergency knife often is strapped to the left bicep or forearm. Stainless steel shears are another option and come in there different forms the black handled ones below would be no use to me as i wear 5mm gloves for diving in cooler waters. The best piece of advice i can suggest is no matter what option you go for wether it be a knife,line cutter or shears always make sure they are sharp before every dive if you do not know how to sharpen them then learn as a blunt blade in any form is of no use when you need to cut yourself free.
I won't dive without a knife. Scuba divers have time to deal with entanglements. Free divers don't.
I have an Eezycut on my weight belt for the longest time. it's never in my way.