I, too, would love a Side Effect sans straps,* perhaps in blue or black Ultrasuede...and in fact if you make such a bag before my trip to the UK next October, I will certainly take one along as a small shoulder bag by day, wristlet by evening. (Though perhaps ballistic would be better in Blighty as it is more water-resistant? I think? Oh, the dilemma.)
*though I do wear my Indigo Side Effect using the waist strap while walking, and it's the perfect ballpark bag as well--I use the shoulder strap till I get to the park, then once I'm inside, I use the waist strap so it's not in my way as I jump around in my seat like a crazy person. I like my baseball.