Urufu, I drilled the shaft by hand to the depth of the staging nail stub. I drilled with an ordinary hand drill, after dimpling the center of the blank, and drilling small amounts carefully. I stopped often and rotated the blank I was holding -- you can feel if you're off center that way, or angled. I apply pressure to correct whichever side needs it.
Each stub was a slightly different length because I weighed the fletched arrow first, and then sawed off the nail to bring the total to 24 grams. I used Duco cement, instead of the polyurethane (like Gorilla Glue) that the bamboo arrow stickie build-along recommended, because bamboo is hollow, and the poly foams up to fill big spaces like that. I didn't think POC needed it, and I've had experiences where that poly type glue expansion can actually force pieces apart.
I drilled very slightly undersize hole -- just so I could push the nail shaft in by twisting. I pre-saturated the hole with glue, waited a bit then added more and twisted the nail in slowly, backing it out if there was pressure or air bubbles and then twisting in again. You don't want to hammer a peg with a close fit that is glued like that or you can actually split the surrounding wood with hydraulic pressure.
I rotated the arrow to see if the point appeared to be off center, and twisted the nail until it looked centered with that test -- most nails aren't exactly centered on the head, likewise n end drilled hole, but you can center them closely by rotating in relation to each other. Then I wrapped the ends with artificial sinew and more glue to prevent splitting. I kept a good heavy tension on the wrap, and finished with a half hitch. Then let everything dry.