If you know you are traveling by air, and you only have carry on luggage, I suspect that you could TAKE OUT the knife blade in your Leatherman and just put a spacer there.
I have found that when the TSA questions my Leatherman, if I calmly and politely explain that it is bladeless, they will check it and let me proceed. You can make it a lot easier and less time consuming by putting it in a bin by itself going through the X-Ray machine. In some airports they never even look at it.
If I'm checking luggage I always have an un-neutered Leatherman in my checked bag.
I got a $10 Coast MT, roughly equavalent to a LM juice, from Radio shack and dremeled off the cutting tools. It lives in the diaper bag. Despite being made from pot metal, it's held up surprisingly well. And, if it get's confiscated, I'm only out $10, not $50.
I view the Tread like one of the "survival bracelets" with paracord, metal match, and a whistle. But, for urban use. It's nice, but there is no way in heck that I'm paying $150 for one when I can get the same utility from a $30 PockettoolX