Material would be 6Al-4V Titanium rod. I am envisioning a pencil that is 7" long from "sharpened" tip to the top of the ferrule. Inserting an eraser would increase the overall length by 1/4". Profile of the pencil would be good old fashioned hexagonal. Ferrule style would depend upon "brand" of pencil. Nature of manufacturing being what it is, and for handling purposes the ferrule would be slightly thicker than standard. The O.D. of the ferrule would remain the same, the I.D.would be smaller. This would facilitate a press fit of an eraser without the prick marks seen on some pencil eraser ferrules. Distressing the surface of the pencil shaft would be done prior to anodizing and painting. (From sanding lightly to remove burrs and soften edges, to dinging the hex edges and adding the occasional "chew" mark of two.) Rough sanding and distressing to point would give the "exposed wood" section some texture. Heat would be utilized to achieve a straw color. The "pencil lead" would be achieved by heavy masking of the whole pencil, except for 5/32"-3/16" of the tip. Sand blasting (aluminum oxide) of the tip would produce a graphite coloration for visual purposes.
A faux logo would be used. Perhaps Don's suggestion of C.I. with the #2 near the eraser end. The logo could be engraved after the paint job which would expose the silver color underneath, maintaining the illusion of "pencil-ness" of yellow paint with a silver painted embossed logo.
The illusion of the pencil will be lost immediately when lifted, and when rolling on a table it will "ring" instead producing that whispering-click sound heard when a wooden pencil is rolled.
A Titanium stylus for a pocket organizer could be more easily executed. Made out of 5/16" or 1/4" rod stock with a reduced middle to the shaft, covered with heat shrink insulation for coloration and the appearance of a plastic shaft. The tip would be bead or sand blasted for a matte gray coloring. or it could be colorfully anodized. An after market pen clip could be utilized and it could easily be stashed in an organizer for practical or last ditch tactical applications.
G-10 is much lighter weight, and would require sanding and finishing to prevent splinters when handling. The natural coloration might eliminate the need to paint the wooden portion of the point. (If the pencil illusion is wanted.) Red, blue, black, and O.D. green colors are available if one wanted to make a quick stylus for a pocket organizer.
Keep in mind that a Dymondwood turned pen/stylus would be quite handsome. A variety of colors could be had. The laminated and resin impregnated nature of the product make it quite strong.
I will be making a Ti pencil in the next 3-4 weeks. Hopefully, by then I will know how to post pictures. The cost for me will not be in the material chosen but in the hands-on aspect of some of the detailing.
Have a good day.