I'm thinking about making a major (for a college student) investment in some wheels that will be pretty obvious (in the please-steal-me way) for my commuter, a bike that I have strong feelings for. Right now it's got crappy wheels, and a crappy drivetrain that lets people know it's not worth stealing, but that would change.

Facts:

I'm using a pretty beefy 2' masterlock cable lock (about an inch thick, wrapped in rubber, twisted strand core) right now, I'm not confident in it being able to stop someone who really wanted my bike, but it's impressive looking, so I don't think anyone would try, and nobody has yet to my knowledge.

The bike is locked up only for about 8 hours at a time during the day, never at night, in a safe neighborhood (but a college campus), on a busy corner, next to lots of other bikes.

My main concern is the wheels. I love the frame, it fits me oh-so-well, and I did my own custom paintjob that I'm really proud of, but it was free, and I've spent about $20 on it for paint, so no biggie.

SO:

I want to lock up both wheels. Is it perfectly reasonable to buy myself a Krypto Evolution, use that to chain up the frame and front wheel, and use the cable lock I have to chain the back wheel to the frame?

Also, is it a faux pas to mount the cable lock on the top tube, and stuff the u-lock in my pants?