Been shopping around for a while now and still haven't seen any viable alternatives except for a few high $$ custom leather sheaths. There are a few zipper type pouches about the right size, but most are too thick (2"), too long (6"+) and zippers aren't ideal for a belt pouch. It's frustrating to know what you want and not be able to find commercially, or relatively reasonably priced.
So, the next step is to try and DIY it. I bought my wife a sewing machine several years ago when she wanted to make bags and pouches from old blue jeans and it's mostly sat idle, save for a few hem fixes, so I might as well put it to use. I have several thin sheets of black craft foam I'm going to use to prototype/pattern and a buddy/fellow EDC'er who is interested in helping. I'll try to document the process along the way in case it works out well, so that I can post it in the DIY forum.
For those interested, here are the specifics for what I'm looking to make:
Dimensions: Roughly 4" wide, 5-1/2" tall, 1-1/2 thick.
Metal belt clip on a reinforced back (potentially a Kydex insert for rigidity), I hate pouches that sag away from the belt when loaded, like my phone case. Ugh.
Internal pockets (2) for multitool, small edc knife, 2 loops for flashlight/pen/screwdriver/bit extender etc., flat pocket for pry tool/bit set.
Flat pocket on the front, perhaps with elastic sides for smaller items.
Outside elastic loop on each side, or loop on one side, slot pocket on the other. Not sure yet.
Metal snap closure on flap. I despise velcro.
Haven't decided on a material yet, so I will likely prototype with fabric from the ton of old blue jeans laying around Going for more of a "Practical over Tactical" aesthetic, so not sure if the final version will be cordura or not.