I carry on my right hip, about 4:00.
That would be correct for that type of holster.
I don't know what I can tell you about the leather loops digging into your side. I'm not saying it isn't happening, just that I've not heard that complaint before. Leather loops will flex and bend with your belt and body. Metal clips won't. I'd expect more comfort from leather loops than metal clips.
A couple of comments about carrying a gun. Carrying a gun, even a little gun like your Shield, will not be as comfortable as not carrying a gun, regardless of the holster and belt combination you have. Comment two is one of Clint Smith's most famous, and I hope I get it right, "a gun should be comforting, not comfortable." Of course we always try to make things as comfortable as possible with the understanding you can only do so much.
Pancakes are often mentioned as a pretty comfortable carry method. They have wide spaced loops spreading the gun weight, but the design does pull the gun to the body. A Nelson Profession/Avenger style may be worth trying as there is typically less bend involved with the holster and belt due to the flat tunnel loop in the back.
Edit to add: You mentioned being slight of build. The Nelson #1 Professional is often recommended for thin folks as it typically takes up less space on the belt, space on the belt is something slim folks don't have a lot of. A pancake often doesn't work for very slim people because there is not much flat space and the holster tends to wrap around the body sometimes making drawing the gun difficult.
For an easy to get version, the Galco Avenger may be worth trying
http://www.galcogunleather.com/avenger-belt-holster_8_4_1023.html
In the R Grizzle link above, the Working Man holster would be of that design and in the Sparks link I gave the 55BN is the classic example of that design (the BN stands for Bruce Nelson).
While at Galco's site you should also look at the Concealable
http://www.galcogunleather.com/concealable-belt-holster_8_4_1064.html
It has "offset" construction that may be more comfortable than a typical pancake. The Sparks I-BAK (Improved Baker - Roy Baker invented the pancake style) has similar construction, as does the Mitch Rosen President models, and the Andrews Custom Leather Saddle style that has a good description of the feature.
Andrews Custom Saddle Style
http://www.andrewsleather.com/saddle.htm
Note this comment from Lobo Gun Leather
http://www.lobogunleathers.com/selecting_a_holster_to_meet_your_needs
THERE IS NO SINGLE DESIGN OR STYLE THAT IS PERFECT FOR EVERY USER OR EVERY APPLICATION. WHAT WORKS WELL FOR ONE USER WILL NOT SERVE EVERYONE EQUALLY.