My experience is  that it is better to pack your regs in your luggage. Dive
knives are not allowed within the Ras M National park.

Computer in your hand luggage, plus a few items to use if your bag gets
stuck in UK.

Ed

Knife in hold baggage OK, but no real need for it when in the water. The
only use I ever found for it aboard was slicing cheese and peeling oranges.
Don't bother with gloves (not allowed in water, as bare hands discourages
people from touching) or hood - water plenty warm enough. Use your baggage
allowances as you see fit. We would want to take all our kit as carry-on,
but this is clearly impossible. Carriers are relatively ruthless with excess
baggage charges as a large proportion of passengers are divers and up to /
over the limit, compared to shorts and sandals only holidaymakers to other
non-diving resorts.

Ken

I always have reg, lamp head and divecomputer in my hand luggage.

Knife you kan have in the normal bagage, but you are not allowed to dive
with a knife in Sharm, so no need to bring it anyway :)

There are no fishing lines, and the shark will get you anyway if you
look like a sick dolphin :)

I expect that there will be plenty of room on the planes to Sharm in the
near future with little hassle about extra luggage, together with some
cheap holidays, given the recent unfortunate events (breaking news).

http://news.bbc.co.uk/1/hi/world/middle_east/4709491.stm