I see that all the time on cheap Chineese cues. This is what I do: Cut off ferrule and tennon, drill 5/16 hole, tap 3/8-16. turn down a piece of maple thread it 16 tpi, glue up, glue on Juma ferrulle, face flat, glue on a pressed Le pro and turn the whole thing to size.
I know these cues will come back for a new tip quite often, so it`w well worth the extra effort the first time around.