Brass Balls, if I carried it, yes I'd carry it C&L.
My brother carries his RAP440 that way.
It is a nice little pistol, however the 401 and 440 share magazines. This causes a little problem for the 401 if you also have a 440 because I think the .40 stretches out the feed lips on the magazine and creates double feeds when you put them back in the 401.
Since I got this gun from my brother, he used both .40 and 9mm in the same mags so I need to get a more reliable mag before I'd carry this gun (or pound on the feed lips until I get this one to feed right). Plus I only have 1 mag and I like to pack a spare.
But with a good magazine I wouldn't hesitate to carry the RAP ... its a great little pistol.