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Lee;
You don't have to take the ferrule off to tighten it with either a lathe chuck or a drill chuck. Most, if not all, chucks will have a space behind the jaws that the welt will fit into.
john

Lee;
Sounds like the play is in the ferrule itself, rather than between the ferrul;e and the bamboo. I fyou're sure that's where it is, then you can tighten the female with either a drill chuck or a...