If I end up wanting to travel with a basic pocket knife or other contraband, it is the same issue. So I check a bag with all the things that are problems at the security line and my cameras, electronics and enough clothes to get me through a day or two of lost luggage get carried on the plane with me.
For stateside travel, you could do a "hold for pickup" at a local post office, just like a thru-hiker's bounce box, grab it on the way out of town and mail it home on the return.
If it was just a Swiss Army knife and international travel, I could just pick up something on the other side of the pond. I do hate baggage claim! We like to travel with one bag, Rick Steves style, using convertible pack/suitcases at maximum carry on size. We went to Europe on a winter trip and I stretched things a bit, getting on the plane with a couple extra layers and shedding them the second I got to my seat. Rules are for stretching ;) If they allow two bags, I'm all over that with a small day pack and my convertible.