Here is what I have so far:
I didn't like the stock red paint handle so much, so I torched it off and sanded it down a little bit. I also have a nice start on a natural patina methinks, thats mostly from cutting up pork... This used to be my BBQ knife
I cut down the stock plastic sheath to use as an insert in the leather, and it works real nice for that. Cut it down and wet formed around it, and then used Pliobond(really awesome contact cement, its like rubber cement on steroids) to hold it in place.
Between the plastic, and the handle shape, its like I have adjustable tension... If I want more I just push it in further, if I want less I don't jam it in the sheath so hard

Its enough to where I can turn the rig upside down and shake it around without the knife coming out, but its still easy enough to release with one hand.
The jute wrap on the sheath is there because there are a couple of small spots on the back where the stitching is starting to stretch apart, and because I think it looks cool lol. It also gives a good place to put your thumb when removing the knife from the sheath.
Oh I should also add, I did not make the leather sheath. I actually got it a while back off of ebay, I happened to find a seller with 3 different sizes in stock, this one fits a #3 fairly well(6" blade), it was advertised for a 7". He also had a smaller one for a 4 or 5" I believe, as well as one for a fillet knife.