Yeah, I've worn the sling like that, too. Try shortening it just enough for you comfortably slip into the loop created by shortening it. I find that to be a comfortable position, with the rifle firmly against your chest when you let go. Just put the leather retainer forward, asto let the sling run through the rear loop easily when moving the rifle around.
Try messing around with the loop you make when shortening it, I find you can use it in many ways (but I generally prefer around neck and under left arm, Shorten it more, and it's comfortable and very tight with the straight-necked cheek weld, butt-on-shoulder position). Of course, with varying bodies and slings, YMMV.
Oh, and I'm still asking for other un-mentioned sling positions
I wonder if sling usage is covered in any of the Russain manuals (heh, if I could find it, I'd be happy to translate and post!).
East German sling is quite long, the Russian one seems to fit my build very well, which is why I like it.