Here's how it turned out. I stained it with a mix of dark Jamaican rum and Special Brown Flake which I allowed to simmer in a bowl in a boiling water bath for some ten minutes. After applying three coats and letting them dry in between I waxed the pipe with Carnauba wax applied with a polishing wheel on the Dremel copy.
I heated and bent the stem ever so slightly and decided to use the silver ring to cover the clumsy work I had done on the tenon...