Yes, pretty common to see flaws of one sort or another with those. It's quite rare to ever see veneers approaching perfect on a Titlist conversion.
I've had a few over the years where it seems one color 'bleeds' into another one like that.
Yes that is very common on older cues.
That cue being converted by Showman, and looking to be ebony, is a great cue I think. One would "tolerate" more flaws on an ebony Titlist I would think.