(I think this may be one of the reasons to sharpen above a combination stone and then to use the cap iron, as the wood is soft (incense) cedar and there's not much room for forgiveness in surface - they can't be sanded or they won't be crisp, and tearout shows up terribly.
...but "real" pencils are lacquered or painted, mine are just shellacked.
The trick to this process is a little shop made tool that centers the barrel and scrapes the groove, and then the halves are joined together (glued), hand sawed after dry to make a square pencil blank, and then you plane them.
The drafting leads come up short compared to blackwing pencils, though, even though they're good leads.
And I learned since that after you glue them, you have to mix paraffin wax with mineral spirits and then soak the pencils in it so that the mineral spirits distributes the wax throughout the pencil, or they warp a LOT. With the paraffin wax (it doesn't take that much) in them, moisture travel is inhibited and the pencils don't warp too much.
It's fun, but it does take about an hour to make two pencils, which doesn't make a whole lot of sense when they're overall about 20 cents cheaper than a good tombow pencil (the good tombow, mitsubishi uni and blackwing pencils all have lovely leads - the uni and the blackwings are still made in japan - many of the tombows and maybe some of the lower mitsubishi pencils are made in vietnam. There's a great book about this that starts in borrowdale (I think, been a couple of years since this) at the graphite mines and then goes into the making of pencils, but I was making pencils first and then read the book.
Henry David Thorough and someone in germany (faber?) were making pencils at the same time in the graphite shortage era and ultimately ended up coming up with ways to make a full length led out of lower quality graphite.
These days, we can get extremely fine micronized graphite from china, make and fire leads (but I can't do that yet) and then wax them so they write really smoothly (as in, put them in hot wax so the pores are filled with wax in the lead and they're really smooth).
I thought at the time people may be interested in making some pencils as it costs zero to make the little tool and then you just need to have sheets of cedar the thickness of pencils plus a little and you can make one after another. I made a video at the time, but did it before freehanding these as I was excited to be making them, and was using an angle guide on the bottom of a plane which is hard.
I believe Thoreau and others came up with little machines to groove the sheet at once, glue it together and cut them apart later.
(setting the cap iron to plane these without tearout also prevents the plane blade from cutting the tips off of your fingers when you pull the pencils across the planes).
Here's a picture of the little tool made out of junk - there's a hole in front of the scraper nib to let the junk go up and collect - it works well. :