For anyone reading this thread, I would like to report that in my (arguably very limited) experience, while the waist-bound canister setup is cheapest (no new hardware needed when moving from backmount), it seems like a dead end, for a number of reasons:
1) Gets in the way of valve access. While on the left tank, I can easily reach, shutdown, and feather the valve with one hand while it's bungeed up, leaving my right hand free and while staying in trim, I can't do it with the right valve. I have to twist and turn like a caterpillar under a halogen lamp and use both hands, and still it's super uncomfortable. The canister, at least of the size I'm wearing, is an unmovable fixture on my waist that pins everything down and fights you if you try to pull the tank forward. And, if you move the canister more forward to leave some space, it then dangles and becomes the lowest point on the body.
2) Makes it hard to put the tank on. After I trimmed bottom attachments to 0-length, I found it pretty hard to clip the tank at the beginning of the dive. The canister forces the tank into a binary position, either in front of the canister while unbungeed, or all the way back while bungeed.
3) Contributes to crowding of the chest. With a heater cord, light cord, drysuit cord, bungee, neck clip, long hose, shoulder and chest strap all in the same place, it is a major cluster***k. The sequence, in which the hoses are laid on top of each other matters, and it's easy to make a mistake.
I will definitely be investing in another lid to move the canister down to my butt, and the waist placement doesn't seem to be fixable, or at least I couldn't get it to a point where it would work for me. Perhaps it works better for some people with a different rig, a smaller, thinner or shorter canister, or much more experience. I just found it to be a huge PITA.