I haven't had any experience with that type holster, but I'd guess it wouldn't be your best beat for CCW. As you said, a pancake style holster made for CCW would likely work better and conceal easier.
Something like this might be what you had in mind.
http://store.packinheatleather.com/bianmod7shad25.html
If you are thinking about a possible CCW, I would suggest you don't go cheap on holsters. Get a good leather holster and a good leather gun belt.