First off, as looks go, that looks nicely done.
However, I would go to the question of whether or not that would actually be
considered open carry - or if you could possibly get busted for illegal concealment due to the fact that, well...it looks
like a belt buckle.
Is it out in the open? Well, yes. But is it obvious
that it is a functioning weapon? To me, it looks
like a harmless (except to fashion
) belt buckle