Beta Titanium knives wouldn't be a bad choice:thumbup:, but I haven't seen it for significantly cheaper than Spyderco's Salt stuff (I could be looking in the wrong place, links?). Seeing as they're in the same general price range, I would go with the H1 since you can get to and I think above 58RC. IIRC, you can't get beta titanium to break 50s, at least the generally available stuff. Maybe not a big deal to the OP, but I figure it's worth mentioning.
Is the added edge retention worth it? For me personally, if I'm paying in that price range already for a rust-proof knife, I'd rather have one with better edge retention. Do I need it? Maybe not, but some enjoy that added bump in performance, even if the bump is only marginal...after all this is Bladeforums

. Furthermore, I get to support a company I know, have experience with, and respect.
As for the weight thing, for myself, I can't say I've ever noticed a steel blade too much on my leg (thigh or inside calf) and I've done lengthy dives with one on (though I've done a lot, probably more, without one on too). I'm sure a titanium blade would be lighter, but I don't think it'd be light enough for me to want one that badly. My mileage probably varies.
The sheath point though is a good one:thumbup:. I can't say I'm terribly impressed with the sheath of the Aqua Salt, but I don't think it was ever really intended as an actual dive knife. The Caspian Salt I think was more designed with underwater use in mind, and the sheath looks a bit better. The knife itself should be much lighter too, with all that metal in the handle gone. But the sheaths like the one for that knife antonio linked are probably more versatile or easily mountable :thumbup: