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For everyone talking about how it would bounce around, there is a solution for that.
Bianchi hip extenders, aka drop legs. Get a pair of them, clip some more pouches to them instead of pistol holsters, wrap the thigh straps around your groin, and now you have a full harness setup. It's no good for rappelling, but it'll keep your belt from riding up.
Is this a good way to spend your money? No. Is it an interesting one? Perhaps.