I just recently finished a custom pencil in Ukranian bog oak. This was made to match a custom pen that I did last year.
The pen I did was finished in multiple coats of thin and medium CA. Then it was lightly sanded back to a satin look. Client and I both wanted the protection of the CA, as well as the look and feel of the wood. It turned out not to bad, you could still see and feel a little grain. Client was happy, but I wasn't.
This time with the pencil, I only put on 3, very quick coats of thin CA, then wet sanded with the rust MM. I was much more pleased with the results. You could really still feel the grain of the wood and it had a nice satin finish. Client was also very happy.
This was a poor picture of the pencil with my cell phone. I'll see if I can find some better ones.