Since posting, I decided to try getting the FastenR-T1 over my previous plate adapter setup and after using it for a while, I have decided that I like my older setup better than the FastenR-T1. I find myself taking the camera on and off the strap quite often, whether to mount it to a monopod/tripod or to give it to someone to take my picture or to take it off when I sit down (and I dont want it in my lap...say to drive). Taking the camera off the plate adapter is much easier than negotiating the clip and loop (because the loop never stays still, it is difficult to keep the clip open while stabilizing the loop...while holding the camera). Someone mentioned the FastenR-T1 as the more elegant option...In my experience, I respectfully disagree (maybe that person was stating that it looks more elegant, which I can see, but in practice, not so much).
As far as paint rubbing off, I don't have that problem, but I think the reason why is that I always have a tripod plate attached and the moving parts of the BR strap never touch my camera.