http://www.defensivecarry.com/vbulle...martcarry.html for construction details and photos.
I wore this in the appendix position, cinched up under the roll, while my regular belt was at roughly waist position at the largest part of my girth. This allowed me to put my hand inside my waistband about where one's watch pocket is and obtain a grip on the revolver with hand pretty much completely inside the waistband. Sure, it might look odd if I ever needed to draw, but I figure that would be the least of my worries at that point.
Since the SP101 has no spur on its trigger and is nicely rounded, a draw was smooth and fairly quick. Note: do *not* try this with a full-size pistol with a hammer and beaver tail. The pokey-bits on the back are really painful on one's roll. The bobbed snubby, however was quite comfortable.
This doesn't address the 'for those who wear their pants under their gut' question, of course, but may be helpful for others.