The Leatherman Squirt will be caught and confiscated if you attempt to bring it as a carryon. I fly every week with the Style PS and make sure to put it in a bin rather than leaving it in my bag. The TSA inspects it, confirms that there are no blades, and sends me on my way.
What you said - I have one of these too, and if you leave it in the bag, you are going to get pulled aside and inspected. DSM is terrible for inspections, but I did make it through San Jose coming back fine with it in the bag.
If it has a blade, kiss it goodbye if it's not checked... but.. if you look out on Ebay, TSA sells them in lots of 50 and you can always pick up a whole bunch of spares for cheap.
Example:
Knives-Airport-lot-Multi-Tools-Leatherman-Multi-function-TSA
50 knives for $55!
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