Here's a cane I'm currently working on with a two piece shank-three if you count the collar.
The bottom half and collar are mahogany I salvaged from an old window sill, the top is spalted western red maple from the same piece of wood as the handle. The section the shank is made from is one of the prettiest pieces from that block of wood. The sections are held together with epoxy and 3/8" diameter all thread.
Here it is as it sits waiting for the handle to be glued on. I have it and my epoxy in the house warming up. Cold epoxy is no fun to work with.
If you plan from the beginning you can get some nice effects with contrasting woods. I think getting a nice transition using natural sticks would be much trickier.