First of all, welcome to XMTS!

I think that pouch would make a dandy sporran. I use something very similar (except in black) and it is very functional. I added some tassels to mine as a nod to the traditional sporran look.

One thing I don't like about the utility pouch is that it is a very stiff object with pointy corners. When doing a lot of walking it tends to beat up my thighs a bit.