Sounds similar to my warm water setup............
I ended up with 2 D-rings on my right shoulder strap about 5" apart........
I run the hose under my arm, double it over and stick the loop up through the D-rings.....
It stays in place, does not dangle, in plain view (to see bubbles) and to deploy I pull the octo down and hand it off......
A DM in Hawaii did not like it, due the loop in the hose, said it put a lot of stress on it.......not sure if I believe that, hoses seem pretty flexible to me......but let's see what others say on SB.........
For me it seems to work great - I can keep an eye on it and deploy/replace it underwater, it is very "tight" to my body and it can't drag on the bottom........
I also have a my pressure gauge on a shorter HP hose that routes under my arm and clips to my left D-ring, to check pressure I just glance down.........
Hope this helps.......M