Zone VI used to offer a leather holder that worked well, but looked perhaps dangerously close to a gun holster. I use my coat pocket or film holder satchel.
I've dropped mine a couple of times, and now am trying a fanny pack. Probably a holster would be better, but that would probably cause problems in our paranoid, police state.
In the pocket is best, I have the Zone IV meter and case and would recommend the pocket unless you are in a safe area, where ever that is. Keeping it on a cord isn't a great idea because it will be banged into or bang into something.
Everytime I find a film or paper that I like, they discontinue it. - Paul Strand - Aperture monograph on Strand
Even though I have a camera strap on mine, I don't wear it around my neck. I found that with the meter around my neck, it has a propensity for slamming into my freshly exposed film holder (or any thing else you may be working on for that matter) when bending over to put the film holder back in my bag. In addition, The light meter is a tool being used far less then any other essential component (camera, dark cloth, etc...), thus having it around your neck is not essential. the only thing that is used less, or some cases the same amount, is your shooting notebook. Your not going to hang that around neck... are you?
I bought a small dog collar that snaps together, then press a button on each side to release. The only thing I saved from the dog collar was the clip.
Many camera bags use the same setup.
Then my wife bought some narrow material that looks like it would be used as trimming on drapes or a womens belt. She cut the length of material in half and ran one end through each loop on the dog collar clip.
Then she ran one loose end through the loop on the pentax V and closed the loops with her sewing machine. The last end she made a loop big enough I can run my belt through the loop.
I also wear a small camera case, just big enough for the meter that runs through my belt also. I carry the meter in the case until I need it. I can't drop the meter as we made the total length short enough the meter can't reach the ground if I drop it.
The dog collar clip let's me free the meter from my belt if I need to meter in such a way the strap isn't long enough.
Long story, but it works extremely well and the meter has never hit the ground. Also, it is compact enough I can get in and out of the car, buckle and unbuckle my seatbelt and the meter and case never in the way.