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I think there is an important difference between LastPass and 1Password: 1Password stores data in a folder you point it to. It is never in any form transferred to their servers.

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Are there open source "clients" that can access the 1Password data I store locally?

The file formats are extremely well documented https://support.1password.com/opvault-design/ and many 3rd party tools exist for reading the data.

Yes, there are. The storage format is "open", and afaik, the current revision is v5. See on GitHub: https://github.com/search?utf8=&q=1password

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