I like the idea of the lug mount. I feel that the camera would be more secure being held onto by a 1/4-20 threaded screw. The issue is that all my cameras have lugs, but not all have tri-pod mounts like my Yashica Electro 35G.
For the time being, I have my camera attached to a basic wrist strap that P/S come with. Mind you this is only temporary! Just a test run to see how I like it.