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I've seen those wire cutter sheaths but don't know how well they work. If I had more than one or two cuts to make I think I would carry wire cutters.
My machette-ish tool for many years has been a somewhat short inexpensive model that I found in a hardware store. The blade stock is pretty thin, which I like since I lean toward cutting with it instead of chopping. But they also have thicker, and consequently heavier, blades of like quality for about the same price. Maybe I don't use a machette very hard, but it seems to me that since I want to be able to sharpen it with a file, I don't need some super expensive steel. So as long as it's got a full tang handle that is firmly attached with rivets I am happy with it.