I wouldn't want to be the one in court, fighting a gun charge, insisting that the pouch was a holster.
It is not recognizable as a holster. Therefore, folks would generally not know that your are carrying.
IANAL. Make sure you get proper legal advice before carrying in the original holster.
However, if you update your profile to include your state, folks from your state can help you research your state laws and court rulings. I don't think you'll find that using your holster would be OC.