I have two Powertools. One is new and came with the factory sheath. It does ride high. The other is older and was used when I got it. The nylon sheath was all stretched out, so I bought a leather replacement.
One of our big box stores, Meijer, has loose leather sheaths with a generic label stamped on it. I got the closest one then form fit it by getting the case wet then letting it dry with the tool inserted. I did this I think 2 or 3 times. When it was snug, I oiled it up with Snopruf and some gentle heat two or three times.
Now I have an almost custom sheath, and it rides lower and more comfortable. :grin:
Chap