This is what i have done with great results.   I mount a dial indicator either in the chuck jaws or on the chuck face.   Chuck a center drill in a chuck.   Indicate the center drill so the tailstock is dead center.  I do this in case the chuck, shank, etc. isn't perfect.  And those lines on the tailstock for centering isn't accurate enough to get dead center.
Drill a 5/16" hole 2" deep with a brad point drill.   Tip for the drill...i use a grinder and put a very small radius on the corners of the drill.  A sharp corner at the bottom of the hole is a weak point.  The little radius helps eliminate that.  The dowel pin needs the corner rounded so it fits all the way down to the bottom of the hole. 
And i use 2 brad point drills.  At the end of the drill its a little concave.  I use that for the first 1 15/16"  
I have another brad point drill that i ground so its about perfectly flat at the end and i grind off most of the point.   I use this one for the final 2" depth.  This eliminates a glob of glue at the bottom of the tenon.
Yes, i use bamboo for pins.  Light and strong.
Turn down a 3/8" bamboo pin to .003 to .005 under the size of the hole.   Cut at least 4 really small grooves along the 2" length of the pin so the extra glue can escape.    I use the gorilla expanding glue that uses the glue and water to activate.   Total finished pin length 2 1/2"
The tenon can be left a 3/8" for ferrule or turned down.   I turn mine down to 5/16"
I allow .003 for glue.   Less glue results in a better feeling/hitting cue.
Secure the pin so it can't push out as it dries.
I have been using tomahawk ferrules.  Light and strong.   For the ferrules i use flex gel superglue.
Waa laa.  Hits great.  And haven't broken anything yet.