On the balisong, they should be fine. But certian cops will tell you differently.
(14) "Switchblade knife" means any knife that has a blade which opens automatically by:
(A) Hand pressure applied to a button or other device in the handle; or
(B) Operation of gravity or inertia;
[Acts 1989, ch. 591, § 1; 1990, ch. 1029, § 1; 2001, ch. 375, §§ 1, 2.]
Just remember that according to a 1986 Tennesse court case they cannot classify a balisong as a "switchblade." So you should be ok. That caselaw exempts it from the "Operation of gravity or inertia" stipulation.
As far as being a martial artist and getting into more trouble, well that depends. It depends on what art you study, and what you did in the situation. If you can show that you attempted to utilize your training to avoid escalating the situation and then turned to the knife as a "last ditch effort" to keep yourself alive then you will not be held to any worse standard. Also, you can claim that your art is a "hobby" or (especially with arts like TKD or judo) is sport oriented and therefore not anymore offensive than football.
Either way, if you use situational awareness and aviodance and can illustrate that you did your best to avoid conflit than you should be fine.~Nathan (15 year martial artist and pre-law student)