I have a concealex (like kydex) keyrig for the leatherman squirt that I got from Eric at On Scene Tactical up in Canada. Its awesome. I have it on my keyring and when I need to use the tool it just pulls out, and when I am done it goes right back in. It is very secure.
You could get one of those and then use a maxpedition keyper or something similar and hang it off your belt.