Can it be done? absolutely,
Let em say however I am not a hiker, getting from point a to point b. is not my game unless I'm out with the wife (she like to hike) or I'm trail running, when I'm in the woods I'm more about staying put and using the area to work for me, harvesting wild edibles, constructing natural shelters, etc. I've gone out and done it with big knives little knives and everything in between, My favorite combo for a long time, was a bk7 and a sak forrester. Felt pretty good about that pair, couple it with a poncho a water bottle a metal cup a ferro rod and some cord, and you got my summer load out. Gave my bk7 to my good bud who was knifeless, (that was tough) Probably will get another,
but in the interim I just ordered an eskabar to give a "stab" to the 1 knife thing, on a more minimalist scale, maybe couple it with a sak.
I have plenty of friend who are ultralighters, they carry folding razors, or knives I gave them, but they don't really need anything too crazy for what they do, It;s different than what I do , what we both share is a passion for the out doors, and in that we are brothers, I have shared many a campfire, or many a night around a whisperlites stove with some of these guys, and they know there stuff, just in a different way than a bushbum might. Any way I digress,
One knife can do it all I prefer one knife and a sak, or mora.
anyway I digress