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I'm afraid I've given up with this. Is there any way to cheat past this bit? After the 30th time of getting up to that last knife throwing guy, then falling short of the jump, only to get trapped on a skiddy thing and having to wait while they kill him, I have simply decided that the game, while brilliant, is not worth this.
This question / problem has been solved by ZamFearimage
There is a bit of an exploit that will let you skip the last knife thrower. Use the safety nets to bypass all the annoying platforming.

When you are on the platform with the spinning target, instead of doing the annoying knife thrower bit, just take a flying leap off the right edge (towards the platform you're trying to reach). Use levitation to get the most distance. Aim for the safety net that's farthest out. If you hit it, it will bump you directly to the platform Olly is on.
I wish I had known that exploit when I played ZamFear. Just to warn you though wpegg it doesn't get any easier after that section, theres a reason people hate the meat circus in psychonauts.
You are both right. The exploit did help me past the last knife chap, and it doesn't get any easier. The rising water bit was just too much. I gave up at that point and watched the ending on youtube (which also included how to do the rising water bit). I'm glad I did this, I'm not a dedicated platformer, I was mostly playing this for the humour. It was a great game, and I think if I'd let this level get to me, it would have soured my overall experience of it.