Paul,
I had a "shark" tip installed. Didn't want to spend a lot of money at first, until I knew it was playable.
I've been sick with the flu for the past week, so once again tried to research this cue. What I found is that Dufferin around the time of this cue used two logos - one was a red maple leaf, the other green. Some say the color doesn't really mean anything, just happened to be what they had on the shelf. Others say it was cue length. The green logo was an inch taller than the red. This cue was called either the Hustler or Phantom (Sneaky Pete). The ferrule is ivory and 1" long on these models. They used a brass pin that screwed directly into the wood - some say the pin was in the top shaft, some say in the bottom butt. They were cheap when new, but now go for about $150-$200. I have no recollection if I bought mine used or new or what the cost was at the time.
Now, my cue... The ferrule is ivory, but 5/8" long (Could this be a snooker cue?). Not sure the overall length or tip diameter, will have to measure those later today and report back. It is a tad shorter than my Action cue. You'd be surprised, but cues are not perfectly cylindrical (forgetting about the taper). Due to wood grain, getting wood turned or sanded perfectly round is near impossible. That was evidenced in my cue. In order for the shaft and butt to line up and feel smooth at the joint as when new, I had to make a maple shim (thin). This did change the tap tone of the cue when fitted together, but does not seem to make a difference that I have noticed when shooting with it. I am happy I was able to resurrect the Dufferin! Here's to another 20+ years of use. (Yeah, it sat for most of the last 20 years :/ ).
The Dufferin weighs about 20.5 oz., the Action is 19 oz. Right now, I am using the Dufferin to break and the action to play. I will switch out during play on occasion, mostly to get a feel for the difference in the two, but there have been a couple of shots recently, where I preferred the feel and weight of the old Dufferin.
You mentioned grain. I have resanded both shafts down to 2000 grit. You can see in the Action shaft (because of the cue chalk) that I tend not to rotate that cue and shot from the same side. I seem to rotate the Dufferin.
While both do have a dimple here and there from contact with the table, they are silky smooth. I also use a chalk bag on my bridge hand. Both cues are now basically "Dave Mason Customs". 
As for a new extension for my woodworking biz, I doubt refurbishing cues will be a top priority, I do not have the specialized equipment to do this, nor the space to put any new equipment. I also suspect that there are a few established businesses that already do this, from my wanderings on the Internet. If I did pursue this, I'd have to do hundreds of hours of research on every aspect of the pool cue, learn the old school ways that they were made and repaired. That said, At least I know I can fix my own cues.