http://www.youtube.com/watch?v=57jf8yfPwoI
This was an attempt to see "how high could I go?" and as you can see, the answer is "whoa". I like this rig a lot and have been wearing it for two weeks now, including a week in Florida where open carry is banned and deep concealment is a must. This rig conceals ridiculously well considering the size of the gun involved and it's still not quite a "shoulder holster" although it's getting damned close.
I also tried out an odd "flat sided pancake" design for the main body. The base is two thicknesses of decent leather with the holster body coming out over the gun. It rests flat against me. I also did the "tombstone cut" for the cylinder which helps with the gun's retention plus keeps everything more compact. The same concept could work on a belt rig set up lower in a more conventional manner.