I have used super glue to harden the wood like willie mentioned. It works for me, and makes nicer threads, but I'm interested to hear if there is something better for that Myself. Sounds like macguy's using something else.
I also underbore the hole. besides centering the tap better, It also makes the joint screw together alittle tighter, but makes for a nice hit, and feels more like a one piece cue IMO.
I do pretty much what your doing, but I start with a micro endmill, then center drill, drill slightly bigger again, then 1/4, then I have a reamer I use, drill larger again, then a larger reamer, then bore to size with a special tool I have for small holes before tapping.
On butts I tap out of the jaws, but on shafts I've been tapping out of My steady rest. Check to make sure the tap is centering in the hole well. When you run it up in there, If you see the tap wobbling, you might as well stop there, because It's not going in straight.
I have an issue sometimes when installing the pin, where even though My fit is good, after I tapped the pin, it would screw in fine dry, and run true before glueing. I like to use a slower setting epoxy, but with the pins, they seem to move somehow over the long drying time with me, and I can pickup a slight bit of runnout by the time it dries. Quick set will stay centered though. Well, I would just use quick set, but the heat created from the quick drying time, seems to make it brittle & harder in My opinion, and not what I want up in there.
I am not using a special tap or anything, just the ones you get from atlas, and It does not have a pilot grinded on it. Would be nice, but can be done without It.
I have best results when I try a scrap piece of the same material out before I begin, just to make sure I have my system down and working properly. Taps are tough to work with, but can get the job done. Seems like I actually have a harder time with 5/16 inserts then 3/8 threads.
Most of these guys have realized that grinding the threads is the way to go, me too, just not setup correctly for it yet Myself, but can't wait for the day when I am. Some are press fitting pins to avoid the problem. I will not make any comment on that except to say I think the bottom of a radial was meant to be threaded, so that is the way I would go about It even with those. I'm not saying the press fit won't hold up with a good glue, I just prefer to tap the bottom also to be safe. I do the same with the inserts designed that way. Good Luck with it. Greg