You can look at the script in my signature, it'll return an array back of all the objects, which you can loop through quickly to see what is sticky and which is not.
Try drawing a primitive from the sword tip to the handle, using an array to keep track of those 2 points. Then when it moves lets say, forward, or in a slashing motion, track the points and draw it as a primitive. Then just figure out the alpha interpolation and draw it.
Sounds easy enough but I couldn't tell you how to do it, I haven't used GM in a while.
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