Here's what we are using for most of our rapier freeplay:
These were really simple to make. They are just a 7/8" hardwwod dowel, with a simple wooden cross hilt drilled to fit over it, then glued and pegged. Then I slipped a round piece of heavy leather over it to make a slightly more rapier-like hilt. I pegged and glued a wooden drawer knob on the grip for a pommel. The "blade" is tapered a bit with a block plane to give it decent balance. They are stiff as hell, have realistic balance and handle well although the weight is lighter than the real thing. They are perfectly safe for spirited freeplay when used with some control. Even with hits that are a bit too hard, a slight bruise is about the worst we've had. So far, no problems with cracking or breaking, they seem to be holding up well.