There are a variety of ways to get to where you want to be, that being a very low MC for the wood used as pen blanks. Some moisture meters are not accurate on small pieces of wood such as cut pen blanks. One tried and true approach is to accurately weigh the blanks, and then allow them to sit for a while (say...a week), then measure again. Repeat this for as long as it takes for the weight to stabilize. At that point, you have reached the lowest MC possible for your conditions. Note that if you acquire blanks that have been kiln dried to low, low MC, that your environment will likely ADD moisture over time; the weight would then increase until reaching environmental equilibrium.
This process just described will be greatly slowed down if the blanks are completely coated in wax, so be careful to not assume you are there if you do not see a change in a week. Note also, this is for cut blanks. If you have larger pieces, the air drying can be lengthy, even years. A weekly check would be meaningless in that case. Think months or years. But for large pieces, the moisture meter is accurate, as long as you are using a prescribed table which converts readings for the type of wood you are testing.