For your first couple of tips *always* experiment with a shaft you don't care about.
At Home Depot buy a decent quality utility knife, masking tape, some 400 and 1000 grit sandpaper, and a 34" bar clamp ($18).
Online buy a Tweeten Rapid Sander and some Loctite Professional Super Glue.
Cut the old tip off.
Line the inside of the sander clamp with a few pieces of masking tape to avoid denting your shaft.
Using the 60 grit round piece of sandpaper that comes with the sander cut a couple of matching disks from the 400 and 1000.
If there's old tip left on the cue start with the 400 and when you see ferrule switch to the 1000.
Using a piece of 400 carefully rub the bottom of your new tip back and forth on it to rough it up just a bit.
Apply glue, clamp, and let dry overnight.
Wrap the ferrule with masking tape, turn the shaft tip down on a hard surface, and using *a new blade* carefully trim the tip.
Cut a thin strip of 400 and wrap it around the edge of the tip and slowly rotate the shaft until the tip is almost flush with the ferrule.
Repeat with a thin strip of 1000 grit and burnish with a folded wet paper towel.
Now before anyone gets on my case about my glue or sandpaper grit recommendations or anything else, I just want to say that this has worked for me in the past. Of course you can vary the procedure if something works better for you. But if you're going to go commando on replacing your tips this is a start. Nowadays I use a Williards to trim my tips.
Lou Figueroa