This morning, I took out the chamfering attachment to my low-angle block plane and set to work on the head. This was relatively easy work, and soon I had moved to the handle. I tried to work out some funny stuff that was going on in the handle, but wasn’t altogether successful. This is okay, because this (and one flaw on the head) does not affect the operational aspects of the tool.
When it was all said and done, I had this:

Groovy. I tested its grip and balance a little. It’s mostly to my liking; when I make the next one, I may put a thicker handle on it.
That left the finish. I went to the local hardware store and found nothing that I could stand. So I decided to use the same oil/varnish blend (“danish oil”) that I put on the workbench. This means that the mallet will show camouflage with the bench (because it’s made of the same wood), but this is okay.
I was a little disappointed at having to use the same finish as earlier because I really want to get started with varnishes. What I will probably do, however, is apply clear non-gloss polyurethane on top once the oil/varnish cures. This should provide a lot more protection against sweat and grime.