Peg shaper is a tool that one can purchase or make. If you decide to make one get a reamer first and fit the blade to it. For the cutter an old power hacksaw blade makes a good blade. Close to the head of the peg in the image is a wooden wrench to make turning and fitting the peg easier. Rub a little paraffin on the peg to ease cutting, blow out shavings often. Go to the store and buy a cheap plastic hand pencil sharpener to understand the principle of the peg shaper.