Guitar neck tap handles?

I know a bunch of people on HBT make their own tap handles, and I'd like to give it a try. Freshman year of college, my roommate knocked a guitar of mine off the stand, cracking the neck ever so slightly. Over the years, the crack got worse and eventually the neck separated from the body of the guitar. I tried repairing it, but it didn't hold, and it's not really a guitar worth spending the money to fix. What I'd like to do is turn the neck into a tap handle for my kegerator.

I'm not totally sure of the process or equipment needed, but I'm guessing I need to just cut the neck with a saw where I want it, drill a hole for the threaded part, drop said part into the hole with some wood glue, and let it dry. Am I on track with this procedure, or are there steps I'm missing/mistaken on?

Most of the threaded inserts people use are threaded on both the inside and outside, so you'd screw it into the hole rather than glue it in. Other than that, you're right on track.