In reality, legal substance is dictated often by the Deputy District Attorney/Deputy City Attorney that files the case. LEOs don't write the law, but merely enforce it. It is an extraneous lesson in "letter of the law" and "spirit of the law" -- The vagueness comes from either lack of full knowledge or the fact that different scenarios will apply and affect the outcome of whether or not you have violated the law in your State. The law is a guideline in some instances (see below).
To answer the question: Is it illegal to own it or just illegal to carry it? The answer rests with "possession" -- it is illegal to possess the weapon on your person, concealed or otherwise, unless you fall under the exception (LEO/DOJ status). This is for the ASP baton. There is a myriad of differences between weapons of all types, not including the different standards in differing States.
And yes, last I recall, it is a felony in Hawaii. The reality? If you're caught with it, it's more than likely to be treated as a "wobbler" -- it can be prosecuted as either a felony OR a misdemeanor. If you were Joe Citizen carrying it around for your own protection, and weren't using it in the commission of a crime, but happened to be spotted with it -- the case could be filed as a misdemeanor, even though you would be arrested for felony possession of a restricted device. Many other factors come into play, however, that could make the original charge remain as a felony. (Too many details to go into here) I advocate not carrying it especially when you have knowledge that it's a restricted device. That's just simply my own opinion and some cheap advice. I can't tell you what to do.
Apologies for sliding off the original topic... Zen, if I were you, hypothetically, I'd just live with the one non-functional LED. /ubbthreads/images/graemlins/smile.gif
-Jim