Try using a wire coil handle (replacement).
The coil handle is hollow and both ends are open. You would slide the soldering pencil tip through one end of the handle until the point protrudes enough for you from the other end. Holding the coil as the handle, you can get your grip practically at the hot tip.

Here's the problem you'll have to play with to find an optimal solution. The metal coil will draw heat from the heating element and heat up eventually. Also, unless there is something like a shim to keep the heating element from touching the coil handle, it will take longer to reach proper temperature for good melt.

Same idea using different materials:
Alternately, a simple hardwood tube could also act as an insulator as it does on many skillets with wooden handles. The soldering iron will not get hot enough to burn the wood. Wood will not get as hot as the metal coil and will not steal heat from the heating element as the metal coil. Slip one over the end of the soldering iron that fits snugly enough to hold securely.
