I can't help you, I edc a Vic Sak Cybertool 41 (gobs of small tools) AND a Leatherman Crunch (bigger tools, locking pliers, in a 4" package!) every day, in a Benchmade sheath that is not much bigger (quite thick though) than a standard knife sheath:
So, as always, the answer is BOTH!
With this relatively small setup in a single sheath, I have:
1. Large Blade
2. Small Blade
3. Serrated Knife Blade (locking)
4. Locking Pliers (1" capacity)
5. Pliers (small/precise)
6. Hex Bit Driver (LM) (1/4")
7. Bit Wrench
8. Bit Case
9. 5mm Hex Socket
10. 4mm Hex Socket
11. #8 Torx Bit
12. #10 Torx Bit
13. #15 Torx Bit
14. #2 Phillips Head Bit
15. Phillips Screwdriver (#1/#2) (locking)
16. 4mm Hex Bit
17. 4mm Flat Head
18. #0 Pozidrive Bit
19. #1 Pozidrive Bit
20. 3mm Small Screwdriver
21. 6mm Large Screwdriver
22. Mini Screwdriver
23. Fine screwdriver
24. Small Screwdriver (locking)
25. Medium Screwdriver (locking)
26. Large Screwdriver (locking)
27. Can Opener (SAK)
28. Bottle Opener (SAK)
28. Bottle Opener (LM)
29. Wire Cutter (LM)
29. Wire Cutter (SAK)
30. Hard-Wire Cutters (LM)
31. Wire Stripper (SAK)
31. Wire Stripper (LM)
32. Wire Crimper (SAK)
33. Metal Saw and
34. Metal File (SAK)
34. Metal File (LM)
35. Wood File (Leatherman)
36. Nail File and
37. Nail Cleaner
38. Wood saw
39. Wood Chisel
40. Scissors
41. Ball Point Pen
42. DIP Switch Setter (use pen)
43. Reamer
44. Sewing Eye
45. Corkscrew
46. Straight Pin
47. Toothpick
48. Tweezers
49. Hook
50. 4" Ruler (Inch/Metric)
51. Key Ring (both)
Okay, a few are repeats, but I numbered them accordingly...
Cybertool 41
http://www.swiss-knife.com/asp/detail.asp?lan=EN&code=1.7775.T2&shop=SK
LM Crunch
http://www.leatherman.com/products/tools/crunch/default.asp
Combo Sheath (tight fit, but works)
http://www.benchmade.com/products/product_detail.asp?model=981086X
I would love to get a durable leather sheath as compact as the nylon one, but I would have to make it myself
