Not a bad idea at all. That's a pretty nice dangler for not a lot of money.
Another cheap alternative is to use the sheath that comes with the Condor Bushcraft Basic/Bushlore/Nessmuk. They all come with the same sheath, and it fits any of the Tweeners perfectly. Especially the 15. And if you get one, you also get a really good knife in the deal, for under $30. The sheath is nice and supple and good quality for the money, but it doesn't carry quite as well as most handmade sheaths. But if you're on a tight budget, this is one great way to go. If you do want the sheath, I recommend getting the Condor Bushlore with it. I like mine enough to mod it a little.
You can, of course, swap the sheaths. The Bushlore fits in the Tweener sheath with no problems.