I finally finished it. Pretty sure everyone guessed what it was by now. :P Presenting Perry and Strider!
Disclaimer: This picture in no way accurately portrays Peragrine's cloak. Originally, I had promised James that I would draw his characters however he wanted, but when I showed him the initial sketch he told me to just draw it however I wanted because he liked how it was turning out. This took sooo long. :P I have two and a half pieces of paper that I tested colors and burnt shields on. (So many burnt shields. I tried twelve times before getting it right. It requires 12 different pencils, ironically.) It was worth it, though. Kudos to anyone who recognizes the runes.
Time to take an art vacation. :P