I used to carry mine that way in an Alessi pocket holster until I sold it and switched to a Keltec P32 in a Uncle Mikes #1 slightly altered to allow an extra mag to be carried in the holster. I went from 6+1+6 of .380 to 7+1+7 of .32. I feel more comfortable toting the DAO Keltec than the SA Mustang. I always had little imaginary visions of an AD in my pocket because the safety on the thing never really had a positive "on" feel to it like my 1911's. It was all in my head though and just boils down to my personal preference. I do believe that if you are going to carry something it should be in condition 1 and ready to go. If you don't feel comfortable with the Colt in condition 1 than I would do some shopping around.
I would not recommend the Alessi pocket holster for the Mustang though. I didn't like it because, while in the pocket the shape of the gun printed. To solve this problem I had to carry the gun in my left (weak side) pocket. By doing this it turned the back side of the holster out and concealed it much better. Also drawing the gun from the holster single handed was not easy and I never did find a way to ease this problem. I used to practice grabbing the holster and holding it with my left hand and using my right hand to present the pistol. I am not trying to be negative toward Alessi. It is my understanding that he makes some of the finest holsters available.