When I teach Wreck Classes (Penetration), I recommend the following configuration. It is similar to the ERDI Public Safety Diver (course) protocols. The configuration calls for three cutting devices:
1. Upper Left Torso (BCD Strap or Connected to Corrogated Hose works Well)
2. Upper Right Torse (BCD Strap)
3. BCD hip pocket or belt
Since these are primarily devices for cutting yourself out of entanglements, you have to decide what types of entanglements do you anticipate. In most cases, it is monofilament fishing line. I have found 2 cutting shears and a BCD knife to be the best option in that case. If you are looking at wires, ropes or thick lines, you may want to opt for 2 knives and one set of shears. The shears provide leverage for you to cut through with one hand. With a knife, you typically need both hands. I usually do not recommend a cutting device configuration below the waste. Something on the legs becomes an entanglement hazard and/or makes for a long reach. If you snag a hanging knife off your leg, you may be in a position where (1) you don't have a good view of the entanglement or (2) you can't reach the entanglement. By the torso, you do not have a long reach and all "dangly stuff" in in good view (especially when streamlined). Think about the streamlining triangle from your Open Water Class. Additionally, if your cutting device is below the waste, if you have a pony bottle and/or canister light, accessing that knife will become more difficult (especially inside a wreck).
I know the following wasn't in the OP, but I know RyMan is heading to Wreck Alley soon, so I will add a few things. I also recommend a similar configuration for lights. The configuration includes three lights (one more than the normal 2). Again, this follows normal cave protocols versus wreck protocols. Besides cost, the biggest adverse consideration to adding an extra light is having more "stuff" that could be an entanglement hazard. My perspective is that (all opinion) the extra risk (of danglies) is worth the extra light. My configuration recommendation is as follows:
1. 1 Backup Light on Left Chest D-Ring (bungied secure against the BCD)
2. 1 Backup Light on the Righ Chest D-Ring (bungied secure agains the BCD)
3. 1 Primary Light in Hand (fastened to tank harness or belt if a canister light)
If you are not penetrating the additional light is not necessary. In which case, I usually just carry a backup in my hip pocket and primary in my hand. However, if you are training to penetrate (eventually), I would wear the above configuration to get used to having all that gear in place. Again, this is more opinion than standards.
As for reels, I carry a primary reel and at least one safety reel. I don't go overboard on reels because they become a significant entanglement issue inside a wreck. In this case, the risk outweighs the benefit. Then again, I would not penetrate without a reel and safety reel.
Again, knowing this is way outside the OP, when I dive wrecks like the Yukon, I like diving with a 30cf pony bottle. Not necessarily for decompression, but for a bailout. If I get low (below 500PSI) or have a catastrophic failure with my main tank or for whatever reason, I know I have more than enough air to get to the surface with a full 30cf tank. More importantly, if my buddy gets low on air, catastrophic failure, etc., I can simply hand him/her the pony bottle and do independent ascents (sticking to the buddy rule of course).
My personal advice is be smart about diving the Yukon with limited experience. It's cold water, it's limited visibility, it's deep, there can be current and can be intimidating to newer (less experienced divers). If you add all that together and add a bunch of new equipment, it can be daunting (too much task loading). If this is your first wreck diving trip with conditions like I described, I would be careful about planning for penetration dives (at least the first day). At the very least you can cut down on some of the penetration-necessary tools.
Lastly, another thing to remember, San Diego is at Sea Level. When driving on I-8 back to Phoenix, you go over a pass that is 5,000 feet above sea level. Please consult your decompression tables and rules regarding altitude. Most dives in wreck alley are at 100(ish) feet. You may want to check out the issues regarding driving home (on Sunday) after four deep dives on Saturday and two deep dives on Sunday morning. A little food for thought -- jcf