Having been both a military cop and a civilian cop.....

Anyone not "in the field" for the military, and "out hunting/fishing" would have my undivided attention should I see that blade on their belt.

I carry a large fixed blade hunting/fishing, but it does not go onto my belt until I get to the field. That way I do not raise any eyebrows.

Wearing that in town, looks like a real good way to get free room and meals for at least one night (even in Texas).

Edit:
If a LEO happened up as you were removing it from the sheath to use in a legal manner, you might still wind up on the business end of his sidearm if not shot.
Stuff happens, I bet if I was the cop, I would at least draw if ANY other human beings were close enough for the knife holder to harm. Even though it was just a misunderstanding on my part.