The crafting menu that's used to access/modify player tools and druid wildshape currently breaks stealth when you access it, however, I think it shouldn't because there are legitimate reasons one may want to modify wildshape options, player tools, or others, while stealthed.
For example, I've noticed a bit of a bug where the player tools are "resetted" when I wildshape, if I set a player tool and set it to a quickslot, it'll disappear when I shift. I can't just right click the quickslot to put it back in either because the player tool won't show up in the radial menu. Instead, I have to go back to the crafting menu and reselect/assign the player tool because I can add it to my quickslot. Doing this, drop me out of stealth and that can lead to some really awkward situations considering the kinds of things I get into.
The craft menu is a conversation, and I'm pretty sure it's not possible to have a conversation while stealthed.
It is, ScottyB.
setting int bPrivateConversation=TRUE, should do it
Also, The player tool thing is because wildshape has a different skin than the play skin, and the player tools are saved on the skin.
The wildshape script itself needs to be tweaked to copy the player tools onto the animal skin, to fix the other problem.
I remember seeing certain conversation areas which one can remain stealthed in. For example, back down in the UD Lower alleys, there are walls you can tumble over, I'm pretty sure you remain stealthed there. Same with the wall you can climb up in the Castle Vrazdn quest, the stone hopping tumble you have to do past Gaeseric's camp in the tunnels that leads to the desert.
See my reply to scottyB above.
If this could be fixed, I would be so happy. I've made a habit of hitting F12-4-1-1-1-1 every time I wildshape, and it is obnoxious.