With regard to the question, “What if someone asks to borrow your knife?”, I have a similar “mag case”, and keep my Kershaw Shallot inside my waistband behind the mag case, with the belt clip between my pants and belt. If anyone has asked, a quick grab produces the knife from the exact same area as the mag cas, and no one has ever asked a follow up question. You could even pull the tab on the Leatherman case to activate the sound of Velcro prior to lifting the knife out of your waist band. Using a Leatherman case will make most people assume the metal they see is a Leatherman, or a silver knife, IMO.

-Wlf