Great review. That Aragali is going to find its way into my hand at some point. I wish they had an option of a green handle, though. I would definitely do another sheath for it more like a Kestrel. Sounds like you subscribe to the same line of thought I do, in regards to taking an ultralight knife AND a scalpel knife.
If you have a wild hair, (and need another one to play with down the line), the Rainier Fastpak is an interesting candidate. I haven't taken it up the mountain yet, but I am loving its potential. A bit small, but the profile is well thought out. Elmax for $99 had me scratching my head, but it's the real deal! I was trying to dull it out before I redo the edge.... but that little sucker just keeps going strong! 3.25" cutting edge is my sweet spot for an ultralight, but I have high hopes for this little 2.75" knife.
The Kestrel Skeleton Short Ovis Hunter in S35VN was my goldilocks knife. But, it fell out during a scree scramble. (I was too focused on not dying to notice my favorite knife popped out of the sheath). I haven't received any replies from Kestrel as to whether it will ever be offered again.
Paracord wraps are messy, but I use it to avoid bare metal in cold weather. I pull the core out, because I don't like the hand feel of round cord. I simply cut it off at the end of the season, then rewrap it.
This fall I'm going to switch between my Fastpak and a Benchmade Bugout in 20CV (with stiffer G10 scales), to see which I prefer.