It does overhang the left lug, so it's not ideal. Don't have a strap yet, but there's room for the lug to be used, it's just going to force the strap to take a detour.
Personally, mine (also a CdS) is a little dimmer than the WLF, but is still usable even in moderate light. As for the ergonomics, use your left eye.
I find it useful for higher angle shots where I'd need to stand sideways and hold the camera horizontal, or climb on a ladder behind the tripod to be able to see through the viewfinder.