Hey Shootist, when you get it finished, send me a picture. I would like to see what you came up with. I hadn't thought about kydex for the Wave. It's a good idea, I can't stand the sheath that comes with it.
Mad Dog Knives make really nice kydex sheaths for the tools, I don't know if they make one for the Wave but they make them for all the others, include the Swisstool. Much nicer than anything else I've seen by far. Cost was under $20 if I remember right.
I have a MD kydex gun glove for WAVE. I dont like it. If I do a situp, or turn the wrong way, it falls out. Unless maybe I am stupid and am putting it in wrong. But I am very active in my job, and it WILL fall out.
I'm in the process of checking with Edge Works about making me one for my Swisstool. I have both their Spyderco Moran sheaths and they ARE GREAT. Very well thought out and well made. Scott was always very gracious when I dealt with him, I plan on asking them to do several different pieces for me.