I have been a firefighter going on 5 years and I have used a number of different knives, lights, and multi-tools. What I have found through experience is that it is mainly personal preferance as to what to carry and use. I'll give you an example of what I use every day to make me feel a little safer out there.
Flashlight: Streamlight Survivor (Class I, II, III Division 2 model, orange)
This is the
best flashlight for firefirefighting applications to date. The smoke cutter beam does its job well and I have yet to have it burn out after 5 years on the job and numerous drops, burns, and getting runover. This light is recharable with either a quick charger or a 10 hour trickle charge. I opted for the quick charge. You never know when you could be out all night on jobs. This light stays clipped to my turnout coat on the right shoulder. For everyday flashlight use around the firehouse or small jobs, I use a Sure Fire E2e. Small, lightweight and packs a helluva beam.
Survivor Light
Knives: Spyderco Remote Release & Spyderco Rescue
I carry the RR clipped to my turnout coat. It is easy to get to when I need it in a hurry. The blade and hole are larger than normal for ease of opening with gloves on. The Rescue stays in my pants pocket for everyday use.
Remote Release
Rescue
Multi-tool: Gerber Legend
This tool is great. What makes it special is the replaceable carbide cutters. These things chomp through anything. They are especially useful when the need arrives to cut door chains on doors at the ol' fogeys home. The rest of the tools come in handy in a pinch but stick to "real" tools for anything that requires more than what the multi-tool can give. Use the right tool for the job.
Gerber Legend
I hope this helps make your descion a bit easier.
P.S.- As far as watches go any Timex Expedition Series wathc should do the trick. For assessing vital signs I prefer analog, it's just easier to see at night if the hands glow.