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Every user is different, but I prefer to put the clamp knob pointing forward under the lens, doesn't poke me in the face that way and is out of the way.
You are correct, I think, that the "weakest link" is probably the locking carabiner, specifically the screw-swivel connecting it to the strap slider part. Make sure that screw is tight and put some Loctite on it for safety. I would like to see a way to eliminate the carabiner altogether and have the strap-slider connect directly to the clamp.
Thanks for posting the pictures of your setup...
- Howard just called me stupid in the nicest way possible
My plan is to have the knob under the lens - in my excitement to have it together, I took the picture incorrectly. I've updated the picture.
As far as the swivel, that is my thought, too. I've worked for years in the area of PC peripherals, and one of the toughest things for a carrying case is a strap with a swivel that is bearing a consistently inconsistent load.
Loctite will be applied, but the safety strap will ensure I'm not worrying about the rig.