for the gap, I would probably plugged the hole and retapped it to the correct depth. You could have also put some extra epoxy in the hole to hopefully fill that void. I'm sure there are plenty of cues out there with holes too deep, so unless it's abused, I imagine it will hold up.
I am with you Tony, I would also plugg and retap the hole, in my opinion doing anything less would be asking for problems. I normally use canvas Phenolic rod for my plugs, it glues up well, holds thread great, and it is stronger than wood.
Take care Tony
