I engraved some nice pencils (Palomino Blackwings) for my niece to go with the spiral design toy (more in keeping with the theme than for use with).
I did a few searches and, found lots of people talking about engraving pencils but, no settings for a starting point (not that they aren’t here – I just didn’t find any). So:
The Blackwings are about .281” thick. Engraved at 1000/30 at 270LPI, 1 pass.
I rubbed Rub & Buff into the engraves. Rubbing alcohol was great to remove stray surface residue.
Third that I love the Rub 'n Buff. The one time I tried using it for something totally un-GF I did not like the results, but it really makes the pencils pop.
I don’t think they make white Rub N Buff but, you could probably use white acrylic paint (like the thicker stuff from a tube). Rub it into the engrave. Then, use a cloth or shop towel and a light touch to wipe off the excess.