I've noticed that the keyring loop is at the butt end of the Victorinox Pioneer but at the head end of the Classic SD. While I have watched a few videos representing the history of the SAK I do not recall if anyone mentioned the keyring.
In my setup I put my hand through the lanyard and give it a few twists to prevent my hand from slipping down the handle and onto the blade. Keep in mind that I fully realize that if that were to happen that clearly I was using the knife wrong. In a different setup I use a paracord knot that makes the knife body feel bigger and thus a better grip.
While I could have used the same cord on the Classic SD I decided to try the microcord instead. I didn't discover anything new except the lanyard was not going to steady the knife. All I was going to get here is something I can loop on a d-ring or hook with a carabiner.
Recalling my Champ and one handed the keyring was always tip up like the pioneer. The Cadet and the Champ have a smaller second blade meant as a backup. The electrician has a smaller blade on the same side as the big blade. There must be something to this.