I haven't used the Red handle so I can't comment on that, but I do have the x leather handle, and I do use it as you describe. And I love it. Great build quality, love the leather, and if you add a few accessories you can make it into a great sliding handle, and place the monitor in front of the handle as you showed. It works great.
Here is what you need :
- Handle :
http://www.x.com/top-handle-leather
- 2 safety NATO rails :
http://www.x.com/safety-nato-rail-70
- 2 NATO clamps :
http://www.x.com/nato-clamp
Put one NATO rail on the top of your camera, and one in front of the handle (there are 2 taped holes in front of the handle, one above the other). Then just put a clamp on the monitor and one on the handle. That way you can easily remove the handle if you need to, and remove the monitor from the handle whenever you want, and place it on another NATO rail somewhere else, for example to quickly switch to a handheld config.