This is what I found to be the best tool you can make to do tips anywhere with power.
I built a mini shaft lathe for under $100 bucks pretty much using
the guys link below (BIG TIME KUDOS ON THE CREATIVE IDEA) and it works very well. My tips are now looking like it was done by a professional on a REAL lathe.
The important part to tipping is getting the ferrule to spin at a med-high speed while being VERY accurately turned with ZERO wobble at all. Otherwise, you are wating your time and you will have a lopsided tip or worse.
You will also find that cutting the tips rather than that of sanding/filing is a much better practice, especially if you are going to do layered tips. The heat the friction causes will delaminate the tip and you just threw out $10-$25. the Porper big shaver works well for me, but be patient and learn the tool first.
This works great with or without the speed control. Without the speed control buy a $20-$30 ELCTRIC drill from Ace or Harbor Freight that has the speed control button on the side of the grip withthe spin knob for speed adjustability when it is set to constant on.
It costs next to nothing for what it is and does and is only about 15 lbs and 10"x36" long. I just mounted it on a cedar board I had leftover from a raised garden box (it was new not rotted btw). The mounting of the drill is VERY important to get squared to the hole the ferrule is going to go through. Mine is on a locking swivel to turn outward to clean the ferrule and lower part of the tip.
TO AVOID BEATING UP THE SHAFT AND STEADY YOUR FERRULE PLEASE READ THE NEXT PART CAREFULLY. I used a motorcycle bearing like he did, as well as ordered the collets CUSTOM made to fit the inside diameter of the bearing (5/8"). The collets were about $50 on eBay from "cachin33", he was VERY helpful and I had all 7 of them in a week custom made (12, 12.25, 12.5, 12.75, 13, 13.25, and 13.50 mm diameters).
http://forums.azbilliards.com/showthread.php?t=339502
I HOPE THIS HELPS YOU IN YOUR ENDEAVORS.
PS- I AM NOW USING STRAIGHT ERWIN RAZOR BLADES TO CUT THESE
WITH A CUTTING REST.