"Problem is I don't know how I should rig it for both purposes safely. I'm primarily concerned about how to sling it for both situations."
Its expensive. Costs about maybe $6, or maybe $15 if you include the cost of the 2 SS boltsnaps.
You're looking for some nylon line (cord). Go to a boat supply place. Something about the diameter of clothesline will work. Lowes might also have it, but you're looking for the stuff that
does not stretch when wet. Costs about .60 per foot or so. Since you're feeling generous, splurge on 3 foot of it. You big spender you! If you want to go over the top, purchase 10" of clear plastic tubing at the same time. The diameter of the tubing needs to allow a doubled section of the cord to fit inside it.
Next you need a SS hose clamp that fits around the bottle. Costs about $1.20 at Lowes. Prices may vary wherever you are. If you want to party like a rock star you could also go for about 8" of 1/4" nylon tube (no metrosexual colors, please) that will slide over the hose clamp band for about .30, or even 8" or so of the rubber sleeve material that fits over the hose clamp which generally tends to look a bit more professional.
Almost done. You need 2 SS boltsnaps. You can get'em online at Nix, or your friendly neighborhood dive shop should have them if they have any self respect at all. If you dive in real cold water they can be boogers to manipulate wearing gloves when your fingers are frozen, so get the larger size if this is the case. Prices vary.
Loop the nylon cord around the tank valve. Tie a double bowline-on-a-bight, and secure one of the bolt snaps within the bight. Snug the knot down so that the bight is small around the boltsnap - you're not looking for a loop as much as simply capturing the ring of the boltsnap in the knot. The bight should be located right at the shoulder of the tank.
If you bought the 10" of clear nylon tubing, now would be the time to run it up your nylon cord, so it snugs up against the double bowline-on-a-bight.
Run your cord 11" down the side of the tank and tie an basic double overhand knot. Then about 3" below that knot, tie another one.
Whats going to happen is you're going to run the hose clamp up the bottle over the nylon cord such that the first knot is 'beneath' it (with the bottle oriented standing on your work surface), and the cord has been folded back up so the second knot is 'above' it.
Thus when you tighten the hose clamp, a loop of double nylon cord will protrude beneath the hose clamp. The second SS boltsnap will be secured within that loop.
Make sure you pull down hard on the cord before you tighten the hose clamp.
That's basically it. You secure the upper boltsnap to your left shoulder D ring. The lower boltsnap secures to your left waist D ring. Cut a couple pieces of inner tube (some guys use bungee cord) to secure your regulator hose to the bottle. Some guys use a third, broader slice of inner tube to cover over the hose clamp, which prevents the screw head from scratching up any gear. If you do that, be sure to pull it away to rinse your sling tank in fresh water after any salt water dives...in most cases the hose clamp band is stainless steel, but the screw is not - and it rusts out first.
There are photos all over SB - if someone else doesn't post them first I'll try to find some for you.
Edit: Here are some images of various sling bottles - they are larger than 19 cu ft but the sling is the same:
http://gue.com/?q=en/node/588
Hope this helps,
Doc