Yes, this shaft can be properly mated to your handle.
You should seek a competent cue repairman (in your area or ship it).
This isn't a DIY project because there will quite likely be some spraying of finish involved.
Meucci doesn't tend to load-up their finish in that area.
The ring-work should come through undamaged.
HTHs, KJ
PS. BTW, Bob is correct in that this dia. diff. isn't going to affect how the cue plays.
I can understand however why you'd want to have a decent match at the joint. It's your cue.