on threaded ferrules I have no gaps, and the glue lines usually come out cleaner looking for me regardless of glue, but along the way I have seen a few things that can cause that, and the gap mentioned.
on the glue line- facing can have some effect as mentioned. If It tapers due to say tool push off for instance,then the glue line will be more defined looking. If that happens when facing for a tip, It can also cause tips to pop off left and right, because It allows for a rocking motion to get more leverage on the tip, making It easier for the glue bond to let go. I know that's a different thing, but the reason I mention It is because if someone was having problems with both senerios, then It may help figure out what's causing them. If that seems to be what's happening then I would say not only looking at the tool pushing off, but check to make sure the shaft isn't being pushed back into the jaws of the lathe, and away from the tool during facing. Sometimes if the tool starts getting dull, and the shaft isn't clamped in the jaws tight enough, It can taper the faces.
The gap could be caused from a few different things, at a minimum champering the ID of the ferrule should be done imo , or what joey mentioned, and actually having shoulder there instead. For added protection I like to use a deburing tool also. I have a carbide tool I use for that, and I just slightly debur the edge of the inside corner. That part really just helps more with glue lines though.
Another thing to watch for with the gaps is the tap. A bottoming tap does the best job, 5/16-18 is a standard thread so the are cheap and easy to obtain one. If a tapered tap is used, the end of the tenon needs to be tapered to match, or the end of the tenon won't bottom to the cap in the ferrule very easily, and even after the fact the internal stress created by not doing that or not using a bottom tap, could cause a gap to appear, or even cause a ferrule to loosen over time.
I agree, with what's been said about the type of glue, with a threaded ferrule It shouldn't really matter, all It needs to do is act as a thread locker. When I do a threaded ferrule I firmly believe It would hold for a while with no glue before loosening, but I don't seriously believe It would last the test of time like that, so I do use glue. I use to use epoxy, and It held great, but for years was told that was overkill, so I tried the titebond 2 that's waterproof, and have been using It most of the time since. No problems with any threaded ferrules coming loose. I think some types of ferrule material would break before the ferrule would loosen. In fact I've seen that happen.
I know a lot of people here know all this stuff, and It seems like Craig has been here long enough that I'm sure he does too, so He may have had a different issue. I'm just posting It in case It's of any use to the guys that are starting out, and may have not gone through the trial and error period yet. These are just a few issues that I can remember running into a time or 2 in the past.
Greg