Tried years ago. Doesn't work. Hit the cue ball near the edge of the tip and a big chunk flys off. If the tip mushrooms, the overhang needs to be trimmed off. You can burnish it then.
I started with an Atlas. I used a steady rest with a bearing in place. Appropriately sized donuts were used for various sizes. Got by 2 years before acquiring a 1236 Jet. Been using it since 1985.
I had bought every new color from 1983 on. First linen purchased was from Hurlbert for $16 a pound. I am under the impression another company produced linen after Blue Mountain.
If it doesn't turn out like you hope, you can rewrap it black. In 55 years I have accumulated over 20 colors from Blue Mountain and Hurlbert. No matter what color you use it is easily changed.
Had that problem one time. Rolled a wet towel around the shaft near the joint. Clamped the shaft in a vice. Two of us turning the butt were able to unscrew it. No damage to the shaft. Good luck!