Knowledge Tracing (KT) aims to estimate a learner's evolving mastery based on interaction histories. Recent studies have explored Large Language Models (LLMs) for KT via autoregressive nature, but such approaches typically require fine-tuning and exhibit unstable or near-random performance. Moreover, prior KT systems primarily focus on prediction and rely on multi-stage pipelines for feedback and recommendation, resulting in increased system complexity and resources. To address this gap, we propose Thinking-KT, a training-free KT framework that incorporates Test-Time Scaling (TTS), enabling even small LLMs to achieve competitive KT performance. Moreover, in this framework, a small LLM can jointly perform KT prediction, personalized feedback generation, and learning recommendation in a unified output without degrading prediction accuracy. Beyond performance, we present the systematic analysis of reasoning traces in KT. Our results demonstrate that TTS is a critical yet underexplored factor in LLM-based KT, and that small LLMs can serve as unified ITS engines.