Re: ferrule question...
Take a round tooth pick or match stick and put a little cotton on the end. Do it so you can hang on to the cotton to prevent it from coming off in the ferrule. It doesn't take much cotton. Run it into the ferrule and rotate it around the inside of the ferrule. Carefully remove the cotton and if there is anything inside that is sharp, it will grabe the cotton. Then decide how to repare it.
I don't think I would put a drill bit in the female ferrule directly. You can use a drill bit but use one that is small enough to fit into the ferrule wrapped with 320 grit wet/dry sand paper. Is this a two piece rod?