If I'm truly hiking to make miles and won't need the tripod, rather than wandering to take shots, I just strap it across the bottom of whichever pack I'm wearing. I just like the weight down low. Length isn't a problem for such crossways carry with four leg sections, and I vastly prefer it down low to upright and shifting weight.
If I'm shooting now and then and will need the tripod, I extend one leg and use it as a walking staff. Works great, and if the head is heavy, spin it off for the time being. Without a head most contemporary CF tripods are very light and function well as a staff. The head goes into a belt pouch, whether it's on my pants belt or on the waist belt of the pack. Handy, but out of the way.
I HATE taking off a camera pack each time I stop to shoot, and have migrated more and more to a belt pouch system for my gear. Spares and extras go into the pack, but the stuff I'm using most of the time is in belt pouches for easy access and low weight distribution. Less tiring all around, and I find I do a whole lot more shooting if the gear is easy to get at without dismounting a pack. Also frees up a lot of pack space, so you can get away with a much smaller pack- a further notch against fatigue.