A soldering iron may be a safer alternative, but this is what i use for stuff like that. I also use it to unthread ferrules, and It serves me well for that too. It runs on regular, refillable butane lighter fluid that you can buy in almost any store, and the flame can be ajusted. I've owned several torches that ran on butane, but this is the only one that didn't leak down, and needed refilled everytime I needed to use them. This one could sit for months, and fire right up. The only time it needs filled is when I actually used all of the fluid up, and that takes a long time.
The trick with this though is to get the flame set right, and to angle It away from the cue as best as posible. Point just about any torch in the direction of the cue, and it can ride the pin into the faces and burn them. I've been lucky enough not to do that, but it could happen. Also getting the pin to glow would certainly make removing the pin alot easier, but I always try to underdo it just enough to get the pin out, creating no more heat buildup then I have to in order to get it out of the cue.
I don't know if your planing on pulling the insert too, but if so, one trick I've used on 5/16-18 thread when i needed to get an insert out, was to screw a 5/16-18 bolt or another pin, with 2 nuts to lock It in so I could back it out. A 14 tpi pattern will be more difficult to aquire the nuts, but might could cross thread a 18 tpi bolt into It and do the same thing If you don't have to save the old insert for re-use on anything. heating the insert up with iron may be better suited for the insert, but i have transferred the heat through the bolt using this method. It may take alittle longer to get It transfered into the insert though.
Alot of things are preference or related to different situations, But i also aggree with most of the stuff other posters have already mentioned here, and heat is the key.
good luck with it

Greg