Just make something ornamental and no one will give a fuss. You could integrate it into a key fob, zipper pull or something similar. Too small to become viewed as a potential offensive weapon and you're good.
There is no guarantee, though... but it's cheap enough to treat it as "TSA disposable". Most likely, you'll do A LOT of flying before anyone gives you trouble. And if they do, you of course comply with their confiscation and move on.
Me, I've been carrying this thing on my key chain for ages, and I've had absolutely no troubles with airport security:
http://www.spyderco.com/catalog/details.php?product=374 Technically, it's a knife, but a 1" blade and a 1" handle isn't exactly your tactical folder.... Initially I would remove it and put it in checked luggage, but then I completely forgot it was there until I realized I've been flying three times with it... Since then I haven't worried at all, it goes with me on the plane.
I'm not advocating breaking any rules, but let's not the fear of TSA get totally out of perspective.
And no, the spyderco bug is too small to be much use for anything except for urban tasks like slicing up plastic packaging. Still, it's sharp and it's there.