hi jackknife,
i too am in the uk, and agree with you that our laws are silly in the extreme. i carried a bucklite in a black leather belt pouch for years, and wasn't shy about it, as i feel that i have no criminal intent, so shouldn't be harassed for having a useful tool.
now i have a spydercard in my wallet, and a CRKT crawford kasper large clipped to my belt or waistband. the kasper is a little larger than the blades i am used to carrying, and i have to remind myself that if i clip it to the outside of my trousers, it shows when my shirt rides up (unfortunately due to my ample belly.), and if i clip it to the inside of my trousers, IWB, in summer if i get hot, the blade can rust, something i have noticed AUS-6, blade material in the spydercard and the CKFF, does quite easily.
i like belt sheaths, but cannot find one for the CKFF yet, so the clip will have to do.
i did something like your clip setup with my SAK champ, i put a small karibiner on several split rings, like you get on keyrings, and suspended the knife from my belt, so it hung in my pocket, instead of sitting on the bottom of the pocket and wearing a hole in the lining. it works well for heavy knives like the champ.
cheers,
leon.