Capped
I match both wood and acrylic in the capped position. I personally think it looks better. When I lay a pen on a desk it is usually capped and looks good with grain or pattern match.
Second on the re-capping during a show! I always manage to get the wrong start point when demonstration to a customer.
I can't remenber who taught me the trick to making the match during assembly. It was a well learned lesson.
I screw the lower barrel coupler into to finished cap coupler and then slide the lower coupler into the blank as far as hand pressue will allow. Unscrew the top, press fit, and everything should align (hopefully).