Well, since you are committed to the 2 piece, as others have said a 4 piece is much easier for backpacking, here's a way to carry it fairly safely while hardly adding any weight. Get some pvc piping. This information was taken directly off of the pipe:
"Charlotte Pipe, True Fit System, 16012 - 1-1/4", PVC 1120, SDR 26PR, 160 PSI, 23* C, UP Code, ASTM D 2241, CP 112P"
The inside diameter is 1-1/4 inch which is large enough for that fly rod. Cut the piping to length and buy 2 caps to fit over the ends. The caps should fit tightly and you can glue one while just twisting the other on and off as needed. Very inexpensive, excellent protection for the rod, can serve as a hiking stick, and comes in handy for other purposes.

Allan