Scott. Several years ago I carried this way with a S&W J frame .38 and an Ace bandage. It worked pretty well. One thing to consider is your anticipated position when the draw is needed. If drawing from a seated position, muzzle up works very well and is very low key. From a standing position, muzzle down works better. To utilize muzzle up from standing, you would need to twist you wrist around, or lift the carrying leg to allow access to the firearm. Standing on one leg in a defensive situation isn't an attractive option.
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