What's wrong with Heritage sheaths ?...
Do you have any of the original brown-leather Wave(other tools fit it as well) and black-leather box sheaths from the 1990s?
Those LM sheaths are what I use as a benchmark. OG LM sheaths may just be too high of a bar to set these days in sheath quality.
The biggest problem I have with the Wave heritage sheath is the belt loop. Check out photos of the 1990s/early 2000s Wave sheaths and then look at the Heritage Wave sheath. Granted I could fix the belt loop issue, but belt loops aren't something a sheath maker can skimp on.