VictorM, great job with that!
The best solution to this question will depend on the luggage setup of your motorcycle.
I agree that carrying anything hard on one's person, or even in a bag on one's person is a very bad idea. (think broken back & paralysis due to landing on your rangefinder)
On my FJR1300, I would carry a small RF, like the Olympus 35RC or XA in the fairing glove compartment. (see attachment)
On my Honda Metropolitan, (scooter) I would carry a bigger one under the seat.
If your Guzzi is naked, I think the best thing would be to have something very small & flat (like an Olympus XA or Stylus Epic) in a chest pocket of your jacket. Otherwise a small tankbag or tailbag would be a good place. IMO, saddlebags on that bike would ruin the lines of it, not to mention the aerodynamics.
BTW, if you get a magnetic tankbag, be VERY careful not to scratch the tank. I did on on the FJR, it and broke my heart. The magnets attracted some tiny bit of ferrous metal and put a nice gouch in the paint when I took it off one time.