I do have one. Balabushka when he cut and spliced handles he probably rejected quite a few blanks when he found stuff like seen in that picture.
Toby Sweet told me he would go to his shop and Balabushka had a bin of rejected shaft wood and stuff. He was pickey it would seem.
He also I think after finding sources for better blanks, Spain, Szamboti, maybe Palmer, i doubt did many house cue conversions anymore. Those represent his earliest cues.
It would be dishonest to say a cue built from a mass produced house cue is the quality of a precision built cue by a good cue maker who built every part.
As explained by Mr. Webb, it can be difficult and probably not really worth the time, except for the demand for such cues, explaining the high price.