The chap-stick is fully functional. The gimmicks that make the effect work will needed to be added on and ditched afterward if you want everything to be examinable.
Nicolas teaches a handling where the chap-stick starts gimmicked and ends clean. There is sleight of hand required in the clean up, but it is structured in such a way that is practical and not too difficult.
The chap-stick can be displayed as normal before and after the trick, but it cannot be examined without some work.