KT tape works to help stabilize but if you have leg hair it's not the most comfortable product to remove. I have deteriorating cartilage in both my knees and have used custom CTI braces in the past to help distribute impact. They work excellently but are bulky, a pain to have lying around the boat, and a pain to travel with due to the room they take up in luggage.
Recently stumbled across Enerskin products that combine compression with Silicone tape. I haven't had the opportunity to wakeboard in them yet but have used them at the gym and snowboarding and I feel it's the perfect medium between full knee braces and KT Tape. It's more supportive than KT Tape yet lighter, more maneuverable, and more space saving than traditional knee braces.
http://www.enerskinamerica.com/shopmens/?category=Men