That is a great looking sheath. Its almost exactly what I have in mind. Only changes I'd make are the knife riding just a bit higher, and a dark stain. I find it more comfortable for me if the top of the handle is in line with my belly button. If you could do basically that same sheath, but put the top of the strapping point right at about mid-handle it would be perfect for me. Also, could you pm or just post a rough quote on the price for one?
As for the Seal Pup, its been great for me. I use it for simple stuff, but I can't use a folding blade due to safety hazards. When I first got it, it felt almost fragile. But after a couple days in the field, I feel pretty confident in it. And it doesn't get time fuse crap stuck to it like my other knives.