I use a Full Flap holster that I bought for my 1858 Rem, cap and ball pistol. I put my 4 5/8 pistol in it, marked it, cut it down some, stitched the end closed with some dental floss, and it works great for the climate we have here in western Washington (rain, rain, rain, and then........rain), it didn't cost much, it completely protects and secures my new Vaquero with that full flap holster. I still plan to get a nice holster from DeSantis for BBQ's as they say.

You do give up some speed, but you gain alot of protection from things that might gouge a nice set of grips.