RE-SET THE HICKORY IRON SHAFT
A Rat and a Bastard
Old glue, whipping or any other fill material inside the hosel and the tip of the shaft should be removed. I'll use a rat tail file on the hosel and a flat bastard file to scrape the grunge off the shaft tip.
This is a prudent time to closely examine the shaft tip for cracks or splits. Fix any you find with a high quality wood glue.
And check the butt of the club for the direction of the grain before shaving the tip to fit the hosel. With a head other than the original, the tip should be scrutinized and likely will need shaving. The new shaft should have a tip that fits, or be a slightly larger one that can be shaved down to size.
With all the components cleaned and ready to assemble:
Mix the shafting epoxy and liberally spread it inside the hosel and on the tip of the shaft. (Because of its shock dampening abilities, I've been using shafting epoxy for resetting heads.
After the club has dried overnight:
Use a 1/8" bit to drill through the pin hole.
Giving it the Shaft
Now to sand, stain, steel wool and coat the shaft with varnish. I also like to clean and varnish the section of the shaft that's underneath the grip to completely seal it against moisture. The shaft will benefit from a minimum of two coats of varnish.
With the tip of the shaft encased in epoxy it too is effectively protected against moisture.
One final caution: never use any sort of oil on the shaft as it will soften it and increase the potential for it to break during play.
Finally, some whipping can be added to the tapered part of the shaft just above the hosel to reinforce it. Most breaks occur here. By tightly whipping this area to cover the taper, in concert with the epoxy, breakage will be greatly reduced. It certainly has been in the clubs I've rehabilitated. For whipping, my preference is to use a waxed pitched linen thread.
I believe with these treatments the shock to the tip of the shaft is now being more evenly dispersed through the entire shaft thus extending the life and dependability of the club.
The only step left is Gripping.