Great thread, great ideas. A few years ago I tried my hand at carving "wood spirit" walking sticks like this:
Made about a dozen, sold a few, gave most away as Christmas presents. They are very time-consuming.
I've got a million maple saplings in the woods behind my house, growing close together, fighting with each other for sunlight...as a result they grow very straight and tall. Because they're crowded I don't mind thinning them out. I can usually get two good sticks out of one sapling.
They don't have to be dried or cured to be usable. You can start using it right away and be thinking about how you want to carve it, decorate it, put a final finish on it. The stick will be drying naturally while you're thinking about it
Often I leave the bark on, carve designs into it, exposing the white wood underneath.
I did what Doc suggested and countersunk a small compass in the top end. I drill a hole through the wrist, run a piece of paracord through for a wrist strap with an antler bead or some other token.
A wrist strap is very handy, it will keep the stick loosely in hand without having to constantly grip the handle. That get's tiring fast.
I make a combination summer/winter tip by first installing a rubber crutch tip. Then I drill a hole through it and crank in a short 1/4" lag screw, leaving the hex-head proud. This works well on rocks and ice. That hex-head also makes a wicked striking point for a self-defense situation.
Just some more ideas. Great thread :thumbup:
Edit: A really fast solution for a finished walking stick is to go your local hardware store and buy an ash shovel handle.