I agree with having a pad on the ferrule but that's how it came. Seems like a waste to just cut it off. It is a natural ferrule and I just burnished it... No additional stuff to make it black.
When I first put mine on it was super tight...It will loosen up after putting it together and taking it apart a few times. I did not put any lubricant on it.
Call Diamond directly or contact your local pool hall and see who maintains their tables and talk to them. I don't think the wait should be that long for Diamond to put one together.