I want to put Acrobat in full screen mode for a presentation, and use the pencil to write on the page at the same time. Is there any way both can be used simultaneously?
George is on the money - you'll not be able to use the pencil tool while in full screen.
Something to try:
Use F8 and F9 to hide what is at the top of Acrobat's window.
Have the Pencil tool selected for use first.
You'll be able to use the Pencil tool.
The PDF, with Acrobat's window maximized, will give the appearance of "full screen".