A ligature for she/he

In typophile.com forum, user dudefellow kindly posted the following nice idea which is kind of what I'm trying to get from my question. Hence, I'm posting it as a demonstration of what I'm after.

I would appreciate if we can limit the discussion to such propositions. It's more of a design question rather than the linguistic part as I've tried to clarify in the edit of my question.

More ideas about the ligature (thanks to dudefellow for the Armenian twist):

Picking up a 500-year old idea...

Why use ligatures? Ligatures are kind of anachronistic in this context. ;-) Use something modern: color!

\newcommand{\shehe}{%
\textcolor{gray}{s}he
}