The Socorros also prohibit knives (and dive lights, although video lights are okay -- go figure!).
I like to think about this slightly differently. What are the problems I could encounter on this dive, and what do I need to deal with those problems?
In Puget Sound, we have murky water and low visibility. Therefore, a good dive light not only helps see the environment, but makes it much easier to avoid diver separation, and to repair it if it does occur. In addition, we often dive sites where there is no particular rhyme or reason to the structure (human debris), so a compass is just about mandatory, if you want to get where you are going, or avoid a long surface swim home.
On the other hand, no place I dive (at home or elsewhere) tends to have much fishing line, or any nets, so I have felt content with a single small knife for OW diving. I own an Eezycut, but carry it for cave diving, where the likelihood of having to cut line is much higher.
When I'm boat diving, one of the biggest potential problems is having to surface away from the boat, at a time or place where it is not expected. Therefore, having effective methods to alert the boat of this is important. So there, at the very least I carry an SMB and spool, possibly also a Dive Alert, and if the dive site is remote, I have a Nautilus Lifeline.
Analyzing the likely hazards will give you a rational framework for deciding what to carry, and avoid the "Christmas tree" syndrome.
