Thanks to all who offered advice and words of encouragement! I decided to let the tip be for the moment, and if I have time, I may make another and sew it over this one but I am not making it urgent, at least for the time being.
I think part of my restless dissatisfaction with this project is because it didn't come from me, unlike most of my art projects. It is a challenge and it is fun and I am NOT complaining about getting a commission, especially in the current economy. No, just acknowledging the different flavour of this project compared with some of my other ones that grew out of more personal interests and ideas.
But as Mr. Picky says, enough introspection, let's see the goods!

The tip isn't quite as nipple-like as this picture suggests, although it does have certain nipple-like qualities.

The fruited plains of treble crochet...

The piece is now about five feet in radius. It needs to be about seven feet but, as any shawl knitter knows, it is those last long rows, and each one getting longer with increases, that wipe the self-satisfied grin off your face. Think you're nearing the end? HA!

Here is some of the yarn I am dipping my paw into at an alarming rate (I think I use about a skein every 1/2 hour or so). Once again, Lion Brand has been very generous towards me and my work. They offered me a very discounted rate for all this Thick 'n Quick. I feel like I should be wearing a Lion Brand t-shirt while I work...my official sponsor of endurance needlework projects.
Tomorrow morning two people from TAXI in Toronto arrive to film the process of making this monster pencil. Nearly all the people helping out also will be here, as well as a person from
Crochet Insider, an online crochet magazine, who wants to write up a story about the piece. I think Lucy and Finn's chess coach might be here too. TAXI said they wanted a scene of chaos and I am always happy to oblige.