I have been a diver since 1975, with over 3000 logged dive, as well as a volunteer recovery diver for a local county government, so I have a LOT of experience with dive gear. I would not use either knife for diving. You want either stainless steel or a titanium alloy for a dive knife.
Mine have always been stainless because I am a frugal Texas farm boy. Anything else is a bear to keep from rusting due to the extended water exposure while diving, salts and other dissolved solids depositing on the blade, etc. Diving for evidence in a stock pond high in nitrates (fertilizer and cow piss), runoff from pesticides and herbicides, and fish poop causes all equipment to begin rusting or corroding, even when rinsed immediately. Stainless is a must. Ocean salt water will start a non-stainless knive to begin rusting in hours, even coated blades, because the salt water will easily penetrate around the guard and grip.
I had a non-stainless pair of EMS shears that got mixed up with my dive gear by accident (same orange handles). The blades rusted almost overnight. The axis pin rusted out after just a couple of months because I treated like stainless for a week.
Most divers do NOT take their knives out of their sheaths between dives to dry them off and oil them. They just leave them in the wet sheaths for hours/days on end. On live-aboard dive trips, with high relative humidity on the dive deck, nothing ever really dries out. All I ever do on these is rinse the gear in "fresh" water after each dive. The stainless stuff works best.
The best thing to do is go into a few dive shops and look at what they have. Many will have the same items, but each usually has 1 or 2 brands that the others don't. Hold them, see how they deploy and re-sheath, what their attachment points are and see how they work for you personally. Your safety equipment MUST feel right. My fellow team divers and I even been known to take our BCs in with us to check to see how and where a particular piece of equipment can be attached for the least interference/easiest use.
Over the years I have shifted from LARGE dive knives (blades over 5 inches) to smaller knives (3 - 4 inches), backed up with EMS shears. I carry 2 knives and 2 shears while diving because you never know which one will NOT be accessible in an emergency.
Since you apparently prefer tanto blades, this one is in your preferred price range. I've never even handled it ( I haven't looked for a new dive knife in 12 years), but a 4 inch blade w/ a serrated side, it looks to be a possibility.
http://www.scuba.com/shop/display.asp_id_024226