I checked a knife from Ohare through Jackson on my family's Yellowstone/Teton trip, but I didn't have a lot of faith that it wouldn't get snatched by whoever might look through the bag(s),
I ziptie my Leatherman Kick to an interior brace inside my checked bag. It's gone 5-7 trips this way without being stolen. However, I'm not brave enough to try it with my LM Wave.
-Blast