I think it depends on the type of sheath you like or the type of sheath a customer would want. I started off with every sheath I made like the one you did but started to come to problems with the retention straps when I changed my handles around. So now, I do pouch sheaths for knives without guards and blade type sheaths for knives with guards.
I also laced like you did, and that isn't bad but I wanted more coverage, so I switched to the round braid/mexican basket weave because I think it looks cleaner.