Chris,
This cue was offered on a cue dealer's site for a few years back. I believe that Joe Sanko also had the cue before him even (I recall it being displayed in Joe's booth one year at the Superbilliards EXPO). He may have actually done the work on the back end. You could probably contact him and ask if he knows the history on it.
This kind of a sleeve is really nothing close to anything Palmer has ever done... plus it has the wrong butt cap, bumper, & weight screw. I looked this cue over pretty close when Dick had it. Those "bone" inlays looked really suspect to me. It may be a Meucci sleeve that was turned down then filled in with some material after the inlays got too thin. Shape was a little different, too.
Incidently, this cue was offered to us about 6 months ago with some guy giving us the song and dance about Palmer inventing this style, Meucci copied it, and how super rare it was. It's definitely rare.
Sean