If you are concerned, I would get rid of it.
You want your guitar to be safe at all times (obviously), so just change it out for something else. I have heard nothing but good things about the Schaller
strap locks. Most people seem to like those.
I use DiMarzio Cliplocks all the time, and I agree with what you said definitely. You can't exactly swap and change them around very quickly. Unless your using the same colour on every guitar. So in that respect, they arent what your looking for. Even though they are the best straps around IMO.
Give the Schaller's a try though.