To start with I take a small dowel,sand it down until it fits inside the cane, at both ends mavbe 1 1/2", or whatever you can get to fit, then glue it in. I use a wood chuck to taper the point end, don't see why a good hand taper tool wouldn't work. Add the point/broadhead, make sure its true and spins true. (that can be tricky, but a bit of adjustment, maybe a bit of sandpaper and it'll come together) I make self nocks on the other end and wrap with sinew, the extra dowel helps there as extra strength.
When using a hand taper tool, make sure the blades are sharp and go slow.
Good luck, hope this helps.
JAG/Johnny