CStan
If you intent to apply the mallet to wooden chisels then make the mallet out of a softer species than that from which your chisel handles are made. Wood chisel handle ends are not supposed to mushroom (at least not in western woodworking). If you know how to let a chisel cut, rather than have your mallet technique imply that the chisel is a nail, then you could use a set for thirty years and have them show no more than minor scuffing on the ends. They do not require rings or any other reinforcement to prevent damage.

Lighten up your mallet work... let the business end of the chisel be a chisel and cut... not act like a nail and pry fibers apart. This applies to your mortise chisels as well. Cut the wood, don't maul it, don't nail it.