If you don't like the sheath, you could always replace it with something less 'tactical'. As for modifying the sheath. NO WAY! I like it the way it is. Its really not all that bulky, although i haven't done any trips with it yet.
I haven't tried a inverted chest strap mounting yet, but i will try it. Who knows? i may like it more. When i get around to it, ill post some pics. I'm currently in the process of moving away from the city so things are a bit nuts right now.
peace
al
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"Roads? Who the Hell needs Roads!?"