100% agree, the context action has already caused me issues. I was attempting to dig up grubs, but it kept trying to cut down grass around me. The omnitool should just be a separate hotkey, "9" or "0" would work, and you should then be able to hold that key to select the function you want from a radial menu, or just press the button to cycle through the functions.
I also just miss the ability to perfectly position between a few grass stalks and hit multiple of them with a single swing. Was nice to clear cut a section using optimal stamina.