Sounds like it's gonna be a great gift either way! My suggestion is to give it a go at making your own sheath. May not be perfect but it will be something that you did yourself and maybe you can put her initials on it or something.
You can always get a custom one from Jeff for her on another occasion. From the looks of it, seems to me like you might as well put a pocket on that sheath for a ring too! I'm just sayin'. <img src="/ubbthreads/images/graemlins/wink.gif" alt="" />