This is one of MANY situations in cue work where everyone has their own method.
The way I do it usually goes like this.
I try real hard to NOT remove a ferrule unless it's truly needed,or if the customer insists on it for reasons of improving performance or toughness.
I can usually tell how it's attached,most ferrules are threaded,but some aren't. Some are threaded,but in a way that falls outside of the typical 5/16-18,and if you aren't prepared,it could get ugly.
On Meucci ferrules ONLY,I take a number of light cuts in the lathe and remove it that way.
On everything else,I use a heat gun and pliers. This takes patience,and touch,so you don't burn the wood or break the tenon. If done correctly,it should only take about a minute. I've only done a couple Predators,but they don't take much to remove.
If the tenon was threaded,you'll need a way to clean the threads up,so the new ferrule screws on nice. A tenon threader will also be helpful,but only if the ferrule was threaded 5/16-18.
You'll either need a pre-fab ferrule,or rod to fabricate from. In the case of making the ferrule yourself,you'll need to measure the length of your tenon so you can drill/bore the ferrule to the right depth.
There will be several tools needed if you make the ferrule from scratch. You'll need a centerdrill,a 1/16 drill bit (for glue relief in a capped ferrule),a .250 or letter F drill,possibly a small boring bar,and a 5/16-18 tap,preferably a plug and bottoming style. You'll also need a way to control the depth of the hole you drill or bore.
Replacing a tenon can be tricky. I bore the hole out,and make a tenon that fits pretty snug,and file glue relief channels,then glue it in.
After the glue sets,I trim the front to size because I left it oversize to start with,then thread it and install the ferrule. I install the tip,then blend it all back together. Tommy D.