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I have a wood lathe, but only use it to sand shafts. To replace tips in a professional way you need some kind of lathe more made to do metal work. You must run the shaft through the headstock and a collet/chuck to hold it. Then you can trim the tip, clean up the ferrule, shape the tip, burnish it etc. There are some micro lathes that may work if they have at least a 3/4 inch spindle hole and a self centering chuck. Look at cuesmith.com, Taig, sherline, and Unique brands. I bought a used Southbend metal lathe for doing my work on cues as well as some custom metal projects. You may be able to find a used one from before WWII for a couple hundred bucks! Or harbor freight has a new one that looks good, pretty cheap, just make sure the spindle hole can take at least the tip side of a shaft through it and have it hang out a little! You can make plastic collets to protect the wood from denting by the chuck by making them with your new lathe...Good luck.