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What's the benefit of the P-38 can opener? Are you carrying cans of tuna into the backcountry?
I believe (and I may be wrong) that people will use it for a striker on a ferro rod so you don't have to use the edge of your knife.
I tried something similar but ended up not being satisfied for a lot of the reasons posted earlier. I'm happier with a small "medicine bag" type thing that I made up. It's about 4x2 inches and flaps over so it's actually two pouches. Right now, it holds a spark rod, photon light, cammenga button compass, some medication, a few firestraws, and a Fallkniven U2 folder. I haven't worn it in a few months because of a C-Spine injury but was happy with it when I did. It kept the weight centered and prevented items from rattling around or (icky) getting sweaty or caught in chest hair.
Regarding the Mini-Champ, mine sometimes goes in the bag. I actually replaced the scales on a regular Mini-Champ with others that had the red LED and Pen. On my Mini,I made some small mods:
1. I sharpened the tip of the cuticle pusher thing, making a surprisingly effective little round chisel for making spoon bowls etc
2. I sharpened the inside of the hook of the orange peeler and it makes a neat little blade for all sorts of things
3. I sharpened the tip of the ruler into a straight chisel.
4. I installed a chain saw and 300 milliwatt laser (hahaha...I wish"
Anyway, just some thoughts
Nice ideas for modding my minichamp. I like the cuticle pusher idea, that had seemed kinda useless to me.
I like a pocket lanyard rather than a necklace. I loop the lanyard over my belt and drop the works in my pocket.
On the lanyard:
Small compass
Aluminum whistle
SAK Classic (or other small folder)
Fenix E01 flashlight (or other LED light)
Mini firesteel
Spy capsule with tinder
A larger knife is always in reach too-- an SAK with saw or larger fixed blade. If you can get out of the weather, stay warm and dry (fire), navigate and signal for help, you have a good start. The point is to have this stuff on your person in the event your pack gets lost crossing a river or over the cliff edge, dragged off by a bear, lifted by a two legged snake or you can't find your way back to it. Keep it simple and good, so you will have it and it will work when you need it.
As to the P-38 can opener, why not? They are light and cheap and *will* open a can.
Pocket lanyard is a great option, too.
This is what I wear around my neck via 550 cord everyday. Simonich Bitterroot in Talonite (as it won't rust), a ferro/magnesium rod with striker, REI glow-in-the-dark zipper pull stuffed with cotton/pj tinder, a couple safety pins, and a photon II light in green. I sometimes attach a small whistle too.
I use the light all the time, especially at camp vs. using a regular light to keep my night vision. If fact, I give as gifts red or green photon lights when camping with others for the first time so they don't kill my night vision either! I keep a Fenix L01D in my pack if I need a real light for something.
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Trace ~ I know you know! See you at Blade this year?