I'm hoping El Diablo, who seems to be the resident walking stick expert, publishes something in the Geocacher magazine. Here is a good (albeit lengthy) post that he started:
http://forums.Groundspeak.com/GC/index.php?showtopic=73258
But I hope he includes some pictures of how he does the engraving. Specifically, how much of the outline gets engraved, how deep, sanding requirements, along with some more detailed specifics that he put in the above post. I may even buy a video (hint, hint) if he were to put one together. "Welcome to the El Diablo Workshop"