While it is possible to do it without a lathe (I've installed more layered tips on my shafts without a lathe than I care to think about), the use of a lathe is safer, IMHO.
Disclaimer: I don't use layered tips anymore, milk duds float my boat just fine.
You don't have to do anything special with a good layered tip.
I've used many different kinds for years and have installed, shaped, re-shaped and groomed them all myself. No lathe, no special tools, no special care, no problems.
I use my own shop-made shapers with 120 grit sandpaper on all my tips. Never had an issue with any tip including Moori, Sniper, Talisman, Hercules or Super Pro. I carry a Williard in my case and use that too. With the Williard I rotate the shaft in the cup of the shaper. I've seen guys use a side-to-side motion with a Williard and peel a layer up.
Bill
I have not had a problem with using a Hercules H2 layed tip until now. Now, it feels like the tip is 'slipping', especially on draw shots. Say, you want to draw the ball 4 feet and you shoot it and only draw it 2 feet. I have never had a problem before with this, but it does seem to be a problem now.