Step 2: Sharpen pencils.
Step 3: Cut pencils to length.
I'm using some fairly specialized tools to do this: My tube-cutting jig and a jeweler's saw. Any other method will work, but I wanted a reasonable amount of consistency.
Set the back stop on the jig to 1/2", insert the pencil against the stop and engage the hold-down lever. Then cut through with the saw.
If you lose one or two, no worries, just chuck it up and resharpen.
Step 4: Assemble Stylus.
After thinking on it a bit, I decided to add more tape to kinda ensconce the leads, because there was no way they would stick by themselves, and I didn't want the possibility of the paper sticking to the tape.
Step 5: Assemble Device.
Step 6: Something not quite right....
Ok, now close it up and...
Step 8: Results.
But don't tell anybody...
I had this in my front pocket at work for 8 hours after the modification.