Yes, it is possible for a wrap to extend beyond the surface of the cue, causing a "roll" on a table.
Re-facing is what a cue smith does on a lathe to make certain the the ends of the joint on the cue butt and the shaft are both even and smooth. He puts each piece in the lathe separately, and runs the cutter very finely over the surface of the joint on the butt and shaft to make them mate up better (actually, he does a little more than that, but that is it in a nut-shell.
If there is a cue repair person close to you, have them reface the cue, and they can also spin each piece (butt and shaft) to see if there is a roll-out, or if the wrap is the culprit.
Joe