KBR,
I'm a great fan of neck knives in general and as survival blades in particular. In Brazil I always have a machete with me in the wilderness so a neck knife is a great addition for all the small cutting jobs that have to be done.
I have a Newt Livesay NRGS that I'm currently setting up as a survival knife. I have one of his Woo neck knives that I've used as a survival knife as well.
I make mine into a sort of mini-psk neck kit. I slide a section of bicycle innertube over the kydex sheath and store other items under it that might come in handy. I tested the format with the Woo (at the time it was my only neck knife) and it worked great. Newts knives have straight sided sheaths so the hold the rubber sleeve very well.
With my NRGS kit I plan to re-wrap the handle with a single layer of #4 waxed line then cover it with a paracord overwrap. I replace the neck chain with a triple loop of paracord. Under the rubber sleeve I put a thin plastic signal mirror, foil envelope of potassium permanaganate, BSA Hot spark & tube of treated cotton, button compass, heavy needle, and an Inova night vision red light. This gives me day/night signal, water purification, fire, navigation, clothing repair, and night vision, as well as a decent knife.
The neck knife kit is great for day hikes in itself. On longer trips when I'm carrying my regular gear it make s a great way to carry redundant essentials in a hard to loose package. The triple loop of paracord is very comfortable and could provide a good source of cordage for shelter building. I find that the paracord wrap to the handle is a must if you plan to use the knife as a wilderness blade.
Under a T-shirt the kit might be a little more visible but I only carry the kit knife in the wilderness anyway. In town I carry a stripped down knife. It is a challenge to find usefull items that are flat enough to include in a such a kit. I also try to keep it to the basics to reduce the bulk of the total package.
If you can get a spare sheath for your knife you cold have the best of both worlds.
Although the blade is only 3.25", the solid one piece construction and thick blade would allow this Becker to easily serve as a survival blade if need be, IMO. 
