I strongly suspect that TSA will not have any problem with the item. But, it will almost certainly cause a minor panic if you leave it in your checked bag and do not take it out voluntarily. Raise it to the Officer at the ID checker podium and do not describe it as something that looks like a firearm. Once you say that, that is what it will look like.
It goes without saying that if you are checking a bag, you ought to toss it in the bag (although I would leave it on top in the event that your bag is opened) and that you do have to make a choice if in carry-on, whether you would refuse to fly or toss the item.