Mike,

The molle attachment slots could indeed be trimmed away without compromising the integrity of the sheath. I'm not sure how neat the edge would look once you were finished, as the entire exterior of the sheath is covered in a thin rubberized coating, so it would likely ball up if exposed to significant heat during cutting/sanding (although Gerber claims this material is heat resistant).

You'll be pleased to know that the inner retention clip has a (horizontal) slot which the nylon portion of the sheath attaches to, so that could be the foundation for your future attachment to a belt once the molle attachments were removed.

I'm not sure if that last paragraph makes much sense until you get your hands on one. Basically the sheath/attachment is multi-part:

1). Part #1 is a black nylon sheath attachment with upper and lower (vertical) snap molle attachments on the inside. There is one (vertical) velcro molle attachment on the outside that is used to attach the nylon portion of the sheath to the rubberized portion. Finally there are two (horizontal) velcro molle attachments on the outside to further attach the nylon portion of the sheath to the rubberized portion (The current version of this sheath is like TrailDemon's photo and only has one lower horizontal attachment, whereas the ones Gerber were shipping up to a few months ago had two). The top portion of this also has the two (horizontal) snap straps that supplement the integral retention clip of part #2.

2). Part #2 is a rigid (steel I suspect) sheath with rubberized type coating. This part has six (vertical) molle slots, two (horizontal) molle slots (one located in the integral retention clip) and eight lanyard holes.

3). There are two nylon leg/calf straps with rubber strips on the inside (to add grip) that are also included.

Hope that helps somewhat...

Jim