Ed I do not have a disagreement with your choice. Having lived in Hong Kong, where it rained alot, I used to carry my Model 5 when I was out hiking. I did not have a waxed sheath at the time, but wished I had.

I now live in Ireland, where it rains more than alot. I don't hike much now, mostly cycle, so I don't carry a RMK often. But if I did, I would want a waxed sheath.

Normally if I am carrying a RMK when I am hiking, it is on the outside of my person, not in my back pack. Perhaps that is why I prefer waxed.