Interesting, B.
At this moment, I'm sitting at my desk playing with a DeSantis Nemesis and a couple different guns. When I got the holster a few years back, I didn't like it with the P938 and my style of clothes. Recently I got a Kahr P380, which is a bit smaller, and it seems to be ok in the Nemesis. With the mud flap, no amount of imagination would make anyone think it's a gun. But it's bulkier and harder to draw from. Without the mud flap, if I'm standing just right, and the light is good, and you're staring at my groin area, someone with imagination could think it's a gun. I think it will be ok, though, and will try it out over the next couple days.
Ninjamin is a college student, and they dress all kinds of ways. If you're into those skinny jeans, carrying might be a problem. If you prefer your ghetto baggies, you can pretty much carry anything up to a Desert Eagle.