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2. After cutting off the peg at 1 inch, is there some tool that could smoothly and consistently finish off the outer edges of the cut peg? I’m thinking of something almost like a pencil sharpener or a block with a cutting blade mounted on it.
Look for a spoke pointer - looks like a funnel with a cutter, and goes in a bit brace. Designed to chamfer they end of spokes, they are also used in Windsor chair making. They come in different sizes, and are fairly common at fleas and on Ebay.

Cheers,
Dan