I would go with whatever you like A few years ago, I would have said leather hands down. Back then, the wave came with a very attractive medium brown sheath that looked very much like what SOG's come in today.
If you are going to get the bit kit and do all of that stuff, the nylon IMHO stretches a little better to hold all the bits. I have the nylon for my Surge, but it has the bit kit and saw/file that you need to pack around with it for the full experience.
I use the clip, Don't wear belts. Rarely ever need the extra bit pack and like just slipping it into any handy pocket. Not a problem as I can also pack a 5" Voyager and a P-32 and still have room for every thing like keys, phone, breath strips, wallet, Yada yada... This is every day blue jeans. No buying special clothing or such. Suspenders are a good thing though if you pack a lot of weight. And I always have. I think nothing of jamming a 10" Crescent or lineman's pliers in my pockets.
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