I know you don't want belt carry, but that seems to be the popular option.  One thing I do is to removed the knife company logo from the knife pouch.  Using some sharp sewing scissors/thread pullers it can be done neatly (assuming ballistic nylon sheath).  Did this on my leatherman before it failed (blade lock for the tool broke off).  Now carrying a Buck X-Tract I picked up on impulse.
I wear it every day in a business casual office (kahki/dockers & button shirt, no jacket), only had one persone openly ask me what I was "packing".  Guess with everyone else carrying 1 or 2 cell phones, crackberry & whatnot else, another belt carry item is not visible...
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It may not be our fault, but it is our problem.
-- Mike