Well, what I envision is something that really looks like a good ole Number Two Pencil. Meaning, red eraser and silver band, painted if necessary...and then a yellow body...
Now a word about "covert."
Sometimes, you look for your car keys, and you know that you have been to three usual places, you check them what seems to be countless times, and then start in the not so usual places, then you find them in one of the three usual places...I have seen this time and time again with people.
This is pretty much a Psychological Thing...
I believe in "Covert," meaning, "Concealment & Cover." But I also believe the way my friends in the Bujinkan do...and that is, sometimes the Overt becomes the Covert.
Sometimes, putting something right in front of someone's face and daring them to see it, works quite well.
James Keating has spoken of Symbols, and how Symbols control us on a subconscious level, and that is what I am speaking of.
If you are a Law Enforcement Officer, which you are, if you see a #2 Pencil in someone's pocket, you immediately register, "That could be in my eye or neck, really quick." The pencil is the preferred instrument in some Correctional Facilities, it is something dirtbags are very familiar with...so, that is a threat.
But if you are a criminal, and you see someone with a yellow pencil, or if you are a regular guy who just sees one, well, you could think back to High School. It is a tricky thing...a Psychological Ploy that goes to the heart of the way we look at Symbols.
Pretty deep.
A <font color=yellow>YELLOW</font> #2 Pencil is going to attract attention because of the color and in most cases, be immediately, mentally discarded as innocent.
How do you carry it safely? I've been putting some thought into this as well.
I think what I have come up with is about the best solution, and that is a small, Kydex or Concealex Sleeve that only covers about 2 inches of the end of the "Pencil."
Attached to the end of the Sheath is a simple, but sturdy, safety pin. You pin it in the bottom of the pocket. It might rip the shirt pocket deploying it, but if you ever have to deploy it, the least of your worries will be a torn shirt.
The Kydex would not be like that for a knife, where you need this incredible, friction fit. Just enough to hold it in place so if you fall, as you suggested, you do not impale yourself...
Steel might become a weight issue, making the pocket sag a bit, so Titanium is about 40% lighter than steel and since we are not talking about an edge, but a point, I think Titanium would actually be better than steel, no problem with sweating or anything like that.
Instead of painting the eraser on [red], with a silver band, like a regular pencil, it would seem that a slip on eraser head, again, like we had in school, would do the trick. It would add a little bit of cushioning to on hard palm thrusts, or in reverse grip, something to thumbcap...
James can do a gold anodizing, and I wonder if he could get one yellow...I'll have to ask him. Because that would be the way to go.