Formerly a carried of SAKs, I have been a Leather head for about the last twenty-five years.  I usually carry a Wave and a bit kit, plus a PS4 on my keyring.  What I am learning is that the PS4 (especially the scissors) will handle about 90 per cent of the tasks I encounter - just keep that tiny blade nice and sharp.  It is non-threatening and is not likely to be confused with a weapon.  There are times, however, when a full size L-tool is just what the doctor ordered.  Those are mostly in outdoor environments where something that big is "normal."
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Geezer in Chief