Rob, horizontal along the belt, behind a belt loop/inner tube piece seems to be the sweet spot.
Both myself and some of my buddies that work for Northern Red have run them there... seems to be one of the best solutions that's comfortable, concealable, and accessible.
That's it on top of a Beltman no-buckle belt.
I have some ideas for a sheath that might work better for that location, but I'm not sure they'd still fit through MOLLE. My only real criticism of the sheath is the Benchmade pocket clip is semi-slick, and doesn't catch securely on a belt loop. You need to anchor the sheath with some inner tube, or tie the cord loops down to a rearward belt loop.
You could probably glue something textured or with a ledge to the back of the clip to give it more bite, too.
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