It is interesting, but it seems a bit top-heavy to me.

The cantle seems to be to big for the bag -it may just be the angle the pic was shot at. However, when you figure that a large horse hair bag would require a large cantle to balance out visually, the formula of putting on a modified hunting sporran to that cantle would, to me at least, yield that result as well.

I'd make the bag ~15% larger and then it would probably work better (at least for me- but I'm new to highland style).