Pin goes in last. If you install it with the wood way oversized, it's off-center the instant the wood moves at all.
Radial has a locator barrel, basically the same OD as the threads. Some beginners like drilling a hole and just letting the glue hold the pin, but it's generally not a good practice.
Main parts of the procedure entails boring 5/16", boring for the locator, tap for the threads, install. If any part of the process is not dead true to the center line of the cue, you'll have problems. The threads at the back of the pin are undersized, so there is a TINY bit of wiggle room there, but very little. And if your hole for the locator is off at all, forget about it.
Radial pin threads don't have slop like your typical 5/16ths metal joints, so if your pin isn't straight, your cue will never roll true when the shaft goes on.