Interesting.
I have an original-style Gerber LST in my "main" Altoids-size PSK. It fits the tin nicely, not having to go diagonally, but it does take up a fair amount of space. On the other hand, I've often thought that it's just large enough to be a very useful tool.
When you say "simple slipjoint", I gather that there's no lock- does it have a backspring?