This is all very interesting so far guys, and thanks for the replies.
My 2 cents:
I have experimented somewhat with this and I have found that when using a single layer tip, it does make a difference, such as when using a triangle or lepro. When those tips are meaty, they do feel somewhat spongy and I feel less feedback, and can get less 'ping' from impact. When it is shaved way down, I can feel more of the actual cue and it's natural features. Milk duds are not really worth shaving down since they're compressed already. I think once a single layered tip is 'broken in' well with a little meat left, that would be the most desirable.
When it comes to a tip pad, I can't find too much of a difference there. I do use em, especially on my ivory ferrules. I personally like the way they look when they're on.
On layered tips, I've been using the Kamui Blacks I got from Troy (at a real good deal too) and I think these guys are ahead of their time. They machine well, and they burnish up nicely too. Those tips have incredible guage-ability from the SS, S, M, and H. There is something with the grip-ability I have not found with any other tips thus far. With those tips, so far, I have left a good amount of meat on (mostly cause I don't want to waste em) and I still get a ton of feedback as opposed to the single layer tips. I used to play the Cue Components Extra Deluxe Hercules and I thought they were great, but they had a funny, gummy texture to em. They were compact as hell though.
I will try out some of those Emerald tips Benfica has but until then, I'm sold on the Kamui Blacks. To me, I would rather just spend my money on a tip like that, leave it meaty, and wear it down naturally over the long haul than risk the chance of damaging my ferrule with a ridiculously low tip. Although I do believe thinner single layered tips provide better feedback.