Yes it does become CC, but if you have a CPL then there is no issue. If you don't have a CPL, don't cover. Also in OR check local laws, some cities like Portland do not allow you to OC with a loaded gun.
If you have a CHL, Portland, (or any other local government entity) has no say if you OC or CC. With an OR CHL State law everything.
You can OC, without a CHL, everywhere, except where the local government has made use of ORS 166.173 (Basically, Portland/Multnomah Co, Beverton, Tiagard, Salem, Oregon City, Astoria, Independence...Springfield and Bend: parks only) In OR, Without a CHL you can OC or CC if you are hunting or fishing; going to or coming from same. Other than the Hunting and Fishing exception, never conceal without a CHL.
According to Oregon law (ORS 166.250(3): A pistol, carried openly, in a holster on your hip, is not subject to the prohibitions in .250. Put it in a holster, and tuck your shirt behind the pistol, you should be fine. If you need a jacket, wear a short one (like a Carhartt Detroit) where it can also be behind the pistol.