Thank you for all the advice, and yes the lanyard is a breakaway design. THe FAK would reside in his backpack, and will definitely put in the antibiotic bandaids. Less mess and easier to deal with.
The toy idea is very good, but I'm concerned that classmates or after-school daycare friends may take them. I could go to the dollar store and get a few things, and replacement cost would be a non-issue.
He has a FAK that we take to the major parks here in FL when we go, with moleskin in it, perhaps I'll just put that in his pack. It's one of the small waterproof Witz containers.