I skipped a few pages here, but think I got the gist of the discussion. I do carry a swiss army knife type thing at times. I have found it useful for all kinds of things that can happen on vacation (cutting up an apple for the kids, clipping a loose thread, getting gum out of hair, opening a condo door when I forgot the key, tightening a screw on luggage or a stroller, etc.). It's only dangerous if somebody who actually wants to use it as a weapon gets their hands on it.
That said, Disney has no idea whether I'm somebody who might use it as a weapon, so I wouldn't complain if they told me to leave it in the car/room/wherever. Sounds like the OP's security guard quickly sized him up and decided that the OP wasn't a risk to use the thing as a weapon and just asked that he carry it in a way that somebody else who might want to use the knife as a weapon wouldn't be able to tell easily that OP had it and wouldn't be able to easily get it. Seems OK to me.
That said, Disney has no idea whether I'm somebody who might use it as a weapon, so I wouldn't complain if they told me to leave it in the car/room/wherever. Sounds like the OP's security guard quickly sized him up and decided that the OP wasn't a risk to use the thing as a weapon and just asked that he carry it in a way that somebody else who might want to use the knife as a weapon wouldn't be able to tell easily that OP had it and wouldn't be able to easily get it. Seems OK to me.