Grand Finals and Davis have not always been a happy pairing, but he had 22 touches in his new role as a running defender in Friday night's NAB Cup win over Essendon.
Speaking after the game, Malthouse said Davis, who was left out of last year's premiership side as a small forward, could reinvent himself as a running back.
"I said to Leon at the end of last year, he really needed to do something different. I suppose it was a gamble in many respects because it is still not over by a long shot," Malthouse said.
"We've hoped he would be able to hold his own. There are a lot of idiosyncrasies about why he can make it; one is he's good in the air, he is very strong in body on body. I won't go right through it, but there a lot of characteristics that can make him a good back."
The Magpies led for most of the night despite a fight back from Essendon in the third quarter, thanks in part to two interchange infringements by the Magpies - one of which directly resulted in a goal to David Zaharakis.
Malthouse said his team did not handle the unusual circumstances of two interchange infringements in two minutes and the Bombers worked their way back.
"We lost our way. That is disappointing. Perhaps the two interchange things threw us. We've been informed one of them shouldn't have been given and that was the one they got the goal with. Nonetheless, you can't let that influence your focus or concentration," he said.
"Perhaps that lifted them more than we allowed them to get back in the game. As a consequence it put us on the back foot but fortunately we were able to rein them in."
With uncertainty around the future of the NAB Cup, Malthouse said he supported the idea of a pre-season competition.
"To have these games against the clubs we've played so far this year have been outstanding. The competition right now is terrific. I don't know what concept the AFL would bring in," he said.
"While it's been here, it's served its purpose."
