Woft,
I use canvas or nylon belts (they dry faster than leather) and that's where I put on my Wave and knife sheath. I will secure the tools in the holsters with small lengths of cord and that would be tied to a loose plastic carabiner hanging of the belt loop. Other stuff such as lighter and flashlight are in my cargo pocket which has a velcro and button closure. In my pfd I have 3-4 pockets full of different junk (strobe, pocket rockets, space blanket, psk and poncho) all these is tied to each other and again secured with cord to the pdf. If my pfd is not in use it is on the bottom of my kayak loose arm length away. Lately I've seen new pouches for tools and knives that have a velcro and than snap on buckle closer over it. I think that I will get few of those.
Matt