Your little pouch looks great! The thread needs pics!
Here's JayLamm's creation (linked from his website):
Good idea to use the diving weights, too, and something a non-diver probably wouldn't ever have thought of.
Here's another weight pouch idea:
mobile phone pouches.
They have belt loops for the guitar strap, different materials such as leather but I'd get ones out of neoprene (like a diving suit) so it won't scratch up the bass, and usually a velcro closure although I've seen zippers (which may scratch your bass).
Just slide your guitar strap through the phone-pouch belt loops, attach your strap, chuck in the diving weights, seal up the velcro and done! Alas, this method may still interfere with your strap/bass around the strap button depending on how you hold your bass, the bass, the strap, the button. Also, a lot of people use extra-wide straps that won't accommodate the phone pouch.
Yours looks like something you'd find at Guitar Center, very professional!