When I backpacked, I used to carry a bowie on the shoulder strap handle down. This kept it off my hip where it hung up on my pack and since it was handle down, I could carry it kinda high and still get it out in a hurry.
And after several days/weeks of carrying handle down... check the "whatever that holds the tool to the sheath" it may get loose stretched and one day you will be backtracking looking for your bowie. This is my carry method also... but with some redunduncy applied around the handle. Two snap straps are just as easy to pop loose...