Here is a jsFiddle with one possible solution:
http://jsfiddle.net/unklefolk/399MF/1/
You can target the DOM elements you want via this syntax:
var viewModel = {
helpClicked: function (item, event) {
$(event.target).hide();
$(event.target).next(".help").show()
}
};
ko.applyBindings(viewModel);