It would be pretty cool.
Not kidding!
In reality it would be the most boring video on the internet. You'd see a couple of minutes of bench-top belt sander use before the rest of the video was a guy hunched over a shaft. I don't even have cats in my shop.
The only reasons I ever did it were because I had access to scrap 5/8" G10 rod and I'd never tried a phenolic tip.
I cut a disc off the rod using a band saw, then sanded it flat on one side. I carefully flattened the ferrule with a sanding block.
After gluing on the tip, I had a lot of material to remove (~2mm all around), so I went to the bench-top sander and sanded the edges of the tip as close to the ferrule as I felt comfortable. While I was there, I domed the tip within a hairy eyeball of a usable shape.
Then I hunched over the bench and filed the tip closer to flush of the ferrule. I worked progressively around the tip with smaller and finer files until I was within several thou of the ferrule.
I used some scrap wood, spray adhesive, and sandpaper to make a few sandpaper files that were small enough to use precisely. I think I made them with 320, 600, 800 grit. Working those in the same way as the files, I basically polished the tip to flush with the ferrule. The files, belt sander, and sanding files were all used working perpendicular to the the axis of the shaft.
The final step is to polish the tip using strips of fine sandpaper.
Was it perfect? No. Good enough that my brutally honest friends saw no problems.
Was it the 'right way'? Maybe for the tools I had access to at the time, but not really.
Do I recommend that people do this? No, but it is possible and if it is the only way and they have the skill and patience, it will work. They should understand that there is the risk of damaging or scarring the ferrule.