I'm also interested in this. A friend just asked if i could price making a dive knife for him. So if you rinse and dry 440c after use would it be fine? What about 12C27?
I can't speak for 12c27 but the 440C will be ok as long as its rinsed and oiled up after use. The guy I was going to make this for has a "440" knife but has some very slight pitting on it after a couple of years (this is without any maintenance/oil). I'm assuming its actually a 440A or 440B which I believe is supposed to have better corrosion resistance than 440C.
A 440C knife will stay like new with some minor maintenance. If they want no maintenance then its titanium, but that will hold an edge like crap. From what I researched since originally posting this is what I came up with for the best dive knife steels:
440C -Best price combined with good corrosion resistance, fairly low maintenance.
S35VN/S30V -Hold an edge better than 440C, tougher to sharpen than 440C, and a lot more expensive. Good if you dont mind a bit of maintenance.
Titanium -requires virtually no maintenance (except to sharpen), but doesn't hold an edge too well and its a pain to work with. Also 6al4v won't work for this, will need a different test titanium.
N680 -Great corrosion resistance, low maintenance, but doesn't hold or take an edge as good. Edge retention comparable to 420 stainless.
Personally I would go with N680 or 440C.