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The British need to create an order of Knighthood exclusively for combat military officers, who are in combat for an extended period, not for those who “just put their toe in”, nor for rear echelon commanders.

In short, a Combat Infantry Knighthood (ideally of St. George, which would bug the hell out of the PC types.) While not a landed title, it would be appropriate that they be presented a sword and a ceremonial shirt of chain mail, to signify they were a “real” Knight.

The Distinguished Service Order was formed with that in mind in 1866. It is not a Knighthood (its recipients are in full, Companions of the Distinguished Service Order) but is a high honour. It was meant to be awarded only for conduct under fire, although during the early part of the First World War, this was not always adhered to until an order was made that it must be so in 1917. By far, the vast majority have been awarded for conduct under fire. Awarded properly - as it has been for most of its history - the DSO seems to fit much of the criteria you mention.

There is also a specific military division of the Order of the Bath (alongside a civil division). For that matter the Order of Australia has a military division as well (of which I have the honour to be a Member), although in both of those the military service does not have to be combat service, which is, of course, not quite the same thing.