Teacher..not a bad idea but i found that anything hanging off or strapped to you gets in the way sooner or later.a belt bag would get hung up on the canoe gunwale or the pack when i'm pulling it on and off at the portage.a SAK,Farmer model,in a Leatherman case on my belt is about all i carry outside of the stuff in my shirt pockets.i don't even carry my Mora 2000 on my belt anymore,it's carried in the boat bag.
just as an aside thats why i don't carry stuff around my neck like some of the "kits on a lanyard"i see here.