If it's properly glued stitching isn't necessary. I'd rivet it at stress points though, at the very least just to make me a little more comfortable. The Afghan is a pretty hefty knife, as I recall. If it were to fall out while you were walking around it could do some damage on the way down.
Do you really think you need a fero-rod on your back? That just seems inconvenient to me I guess.
I really like the look of the first one. I was actually on this forum to look at some pictures of this style of sheath because I am thinking about making one for my Strider MFS. I don't mind the kydex for some things, but I really just prefer leather when I am in the woods, and especially in SOB carry for the sake of comfort.
Thanks for posting this.