Here's a quick test fit I did today. Excuse the awkward photo angles.
It seems to work very well, and I immediately noticed how much more comfortable it was compared to the belt I had been using. I really didn't even feel like I had it on.
I only wore it around for about and hour, though, and I didn't bother lacing my chausses up completely or donning any arming garments. The Pittsburgh RenFest is coming up this weekend, so I'll see how it holds up to a full day's use and report back.
Here's how I have it all set up. Cute, isn't it?
Again, it's just cheap fabric and a somewhat chinchy construction (I doubt those lacing eyelets would hold up for a long time). I didn't want to go cutting into my good leather until I at least had an idea if it would work or not, but so far, it looks promising.