The blazon of the arms of the USNS Robert E. Peary (http://www.tioh.hqda.pentagon.mil/Navy/USNSPEARY.htm) specifies that the pole star is "at fess point" but that gives a distinct misimpression that it is smaller than it is.  If the pole star were blazoned after the field as it should be it would retain the proper scale.

I would have blazoned this either as

1.  Quarterly Azure and Gris [although I decline to recognize that as a valid color] a star of four points Argent between in dexter chief a foul anchor and in sinister base a plumb weight Or, all within a bordure Bleu Celeste .

To me, while the "at fess point" specification might be misleading, the bigger problem is that I’m not sure "pole star" as a heraldic term necessarily speaks for itself.  There are lots of five and six pointed stars in heraldry that are intended to signify Polaris.