You might also try the Gerber Custom-fit Dual sheath. You can find them at Cabelas if you want to see them first hand. I have one for certain knives I wanted to EDC. It has a small divider for the pouch area.
The reason why I don't use it much, is that with all the customizable features to accommodate different setups, the added nylon layers/tabs add more girth to it then I want... that's actually why I started using the small pouch, as it would stick out just as far off of my belt.
REI used to sell small belt pouches that fit different MT's and pocket knives very well. Unfortunately I think the line was discontinued. I think the brand was called Rainbow of California. I used to carry the leatherman sheath plus one of those for my two MT combo carry, and it was pretty low profile for getting in and out of the car seat. Too much bulk and a belt sheath starts to rub against my seat belt holder.