Having the two containers (marked "sharpened" and "unsharpened") is a pretty good idea that I have actually utilized. The problem for me was not wanting to be interrupted during my "instructional time" for anything! My 3rd graders are allowed to leave their seats for a tissue at any time, but they don't even ask to sharpen their pencils anymore. When the green sticky note is on my pencil sharpener picture, the students are allowed to exchange their pencils (if I have sharpened pencils in the container) or sharpen a new one if there are no sharpened ones.
I, too, love American sign language and use it a lot in my class. For example, the letter "a" means "I have an answer," "i" means "I have a question," and "c" means "I have a comment." I use "rr" for "restroom." I found my 2nd graders several years ago wagging their hands near the end of a story I was telling or a point I was making, only to have them tell me, "My dog had puppies last night." Now, if they have a comment, I can point a finger that signals them to wait. I'm pretty good at following up with them when I have a moment.
Now, that I'm using micro-teaching, I don't have many interruptions at all! It's fantastic!