If you reduce to the diameter to being a close slide fit, it will not reduce the integrity of the pin at all. If you make the front too small in diameter, it may as well not be there as it will not have any support. Most threads, are supported by the vee formation or the effective thread pitch diameter. Seldom is a thread form supported on the minor or the major of the thread form. If the 5/16-18 is loose on the thread OD, or is loose on the thread ID , then reducing the front and expecting that section to be supportive is delusional. However, the reduced diameter will act as a guide to make it easier to align. Threads only needs to be as long as a standard nut to be fully effective in joining the two haves of the cue together.