So far as the "stop thrust" goes, if you've got some guy coming at you at full speed, you can kill him with a well-placed thrust before he icepick's ya. He will however, bowl you over with his dead body, and you might get impaled in the resulting tumble.
More likely, the stop-thrust isn't instantly fatal, but shakes the guy enough to make avoidning his stab easy. Watch boxers some time. They do quite a bit of hit-and-evade. Now, the fist isn't as immediately lethal as a knife, so the other guy usualy manages to get in a counter-punch, but it's usualy weak and poorly aimed. I am no fan of sitting around and watching guys on t.v. playing sports. I`d rather go play football or something myself than be a spectator, but there is much to be learned watching boxers go at it, if you know what to look for. Even with the safety rules(without them boxers would get KILLED a lot, it is a combative form), it`s the most realistic mainstream combative sporting event. Historicaly, "fencing" meant "hitting without being hit". NOT just a reference to swordsmanship. It works, and is effective.
FMA vs. Hispano-American stylist w/Bowie;
The trapping gaurd on a bowie is a decided advantage. They are easy to use. I could use them the first time I discovered what they were for. Spanish notches take a little more practice, but are certainly do=able in a fight. Besides the speed advantage of a long blade(yes, contrary to popular belief, big blades are VERY fast. Keating says it best with "try swatting a fly with your bare hand. Now try a flyswatter. Length=Speed. this is backed up by solid physics. A 3rd class lever, knife, hammer, etc., has the far end move faster than the handle. Sorry! can't keep the technical terms straight. Simple machine? Yeah, right!), they are also much easier to parry with. I'm sure there are big balisongs, in the West there are navajas from 16-50 inches in length. All very workable in combat. But no folder is gonnal match a fixed-blade fighter like a bowie. Bowies are also good at close-in work. The systems have a common route, so they combatants will be both well-versed in the others style.
It comes down to who's better, if any secondary gear or defensive weapons are employed, or luck. Even then, in the real world, outcome will not always be the same.
The Western techniques and tools are the match of anything else out there. I have trained in many of them, and have cross-sparred quite a bit. I`m no James Keating, but I can take on any greenhorn with confidence. I`ve also been in quite a few real world scrapes, and don't consider myself so much a martial artist as a guy who just trains how to fight. I know what'll work and what won't. Trust me when I say that Western techniques are just as street-applicable now as they ever were, and just as good as the best of the Eastern stlyes. The only limitation is wether the art or weapon you train with jives with the local laws. For instance, you can't carry a 6-foot zweihander down the street these days. Dusaks and broadswords are out too. Bowies and navajas are definately in, especialy if you have a concealed carry permit. There's quite a few daggers that'll work, and la canne/baton arts'll always pass muster. Nobody's gonna outlaw walking sticks. I used to carry a five-foot diamond wood staff. Walked with it like a hiking stick and nobody ever thought anything of it.
So to answer your question, YES. Train in Western arts/weapons if you desire. You'll not be disapointed. As a place to start, Comtech's ABC's are the way to go. This is where I started my transition from a swordsman to a knifesman. Next see what historical fight manuals you can get your hands on. HACA has links to several online, and for free. Learn the techniques, and adapt them to fit your knife structure. Almost all Western bladearts are easy to borrow from as the operate on the same underlying principles. My slickest moves are carried over from my old broadsword style. Then spar. After you're done sparring, cross-spar with people who study different styles. Then spar with people who don't study anything but think they're tough. Don't underestimate them. Martial arts are just a structured/formalized system of fighting. Streetfighters/brawlers are quite good at what they do. Your esoteric martial art does not make you a superman. After you've sparred and learned to respect brawlers, study more techniques, work on combos and patterns, then use them when you spar. 3/4ths of what you do should be sparring once you've got the basics. The other 1/4th should be learning new techniques/combos/patterns etc. Katas are silly and should be left to martial artists. Martail artists by my definition are people who study combatives in the same way a ballerina studies dance. Beautiful to watch, they know a lot of stunning moves. But if you're talking a good ol' fashioned ho-down, it's not the way to train. If you have no training partners, be a martial artist till you can find some. Like I said they know the moves, and can make it look real nice. No reason you can't study the basics till you can work your technique.