Need ID help - this is a strange one

[sthomp]

This holster came with a 1937 S/42 this week and I cannot figure out what it is. So, I took it down to GT's house this morning and he had never seen one like it either. That's when I knew I was in trouble. Here's a summary of the "unique" features:
- Deep cut on main body front (like P38?)
- Originally brown, but dyed/painted black.
- L.G. deeply stamped on inside back of the body
- no other distinguishing original marks
- Very weird tool pouch - two sections
- front strap/buckle straight up/down...not canted
- pull up strap
- strange stitch pattern on back from previous attachment and 3 rivet holes
- non-original belt loops installed
GT picked up on most of these anomalies and thought it must be WW1 or prior.
Jerry B. have you ever seen one like this?
I don't plan to keep it, so any guesses on value would be appreciated.