Good question and gets to the heart of what makes a cue hit good. Is it the outside of the cue, the inside of the cue, the shaft material, taper, ferrule, tip. Let's not forget joint, joint material. Don't have a good answer, there is so many opinions and theories floating around it will make your head spin. So with that said, here is my opinions, and they are just opinions. I core a lot of my front's, mostly for stability and more importantly to me for weight consistency. I don't really like laminated ones for coring. I feel they are not as strong in the axis aligned with the laminations. As you said, drill them out to around .360, put in the pin and then try bending it, it will always break along a glue line. Solid wood will usually break along a growth line, but seems to take more energy to do it.
Not scientific, just personal observation. Put it a cored forearm and it's probably plenty strong, but I just don't like it. My opinion on what affects hit is directly proportional to distance from the ball. The further down the cue from the ball the less it matters. So that means in order, tip,ferrule,shaft,joint,outer part of cue and then core. I'm sure there will be a lot of other opinions, who knows, maybe someone will agree with me.