I've been shaving with a str8, pretty much exclusively, for about 3 years. I had always held the razor in a conventional/traditional fashion... index and middle finger on the shank, ring finger in the tang (with the pinky kind of supporting it on the underside) and the thumb on the underside of the shank.

However, after seeing a youtube video (most of you have probably seen it, but here is a link): http://www.youtube.com/watch?v=_9Fcmsj3md4