If the knife itself will be posed in any fashion by the process, it must be part of the subtool being posed.
If the character mesh will not be doing anything other than holding the knife with that hand then it makes more sense to simply create the character holding the knife in the first place, then pose it. Posing digits individually is always going to be a tricky process, and not worth the effort if not necessary.
If posing with the transpose functions, simply create the TPose mesh that includes the knife and mask it to keep it from being affected by any posing.
If using ZSphere rigging and you would like to include the knife for reference, then mask the Knife in the TPose mesh before selecting and binding the mesh. If you rig was set up automatically with the Transpose Master process then it may be necessary to unbind the mesh, mask the knife in the original TPose Mesh tool, then re-select the TPose mesh in the rigging palette before binding it again.