Nice tool box Ed and I dare say you're right, but answer this...why do we build traditional drawers with the tails on the side and not on the front? The answer(s) of course is that aesthetically (in my view at least) it looks right, it's a way of presenting a clean drawer face (if lapped d/t's are used)...and it resists pull. Simple really.
As I said, nice box, but the jointing relies 100% on modern glue strength and having a decent mating surface 'twixt all parts of the joints. If for any reason a joint fails (which it may well do over time) there's every chance that the tool box will start to come apart. I made one of those in the 70's for college and used pine...correctly dovetailed at the corner and it took a hell of a lot of abuse over four years and was still intact at the end - Rob