Honestly, I think the idea about fanny packs screaming guns is a bit overblown. If a bad guy picks it up, so what? It'll serve as a deterrant. If a good guy picks it up, so what? You're not breaking the law (or so I assume). Of course, it would have been kind of annoying if some chump came up to me and said, "So, what kind of gun is it?" But that never happened to me in the 2 years that I've worn a fanny pack regularly. But I think the fact that it was only big enough to fit a mini Glock with a spare mag helped quite a bit.
Of course, that doesn't mean I like them either. I've moved on to something better since then. But if the fanny pack is the only practical way to go for you, then I wouldn't worry too much about the gun-screaming factor.