Can we get a close-up of the joint pin please?
Also, what do mean mean by "is it worth messing with"? You didn't give any context for that part of your question, so I am not sure what type of messing you had in mind, or what the reason for messing with it would be.
I believe your Bludworth Sneaky Pete is from the late 1980s or early 1990s.
They call these a "Bludworth Benny" - as they were sold at the time for $100, or, a Benjamin (Ben Franklin on the US $100 bill).
The later models are differentiated by an added ring and collar at the joint, apparently.
For a new shaft (with a matching pin) you will likely have to get in touch with Bludworth. To quote Leonard:
I build my cues with a pin that I develpoed many years ago. It works very well. it's .348 in dia., and is 11.455 threads per inch. It's not as most think, a 3/8" 10 thread. it's a little lighter in weight than either the 3/8x10 or the radial.
Contact info is currently as follows:
Bludworth Original Cues and Cuemaking Equipment
135 Pin Oak Lane
Hempstead, TX 77445
As for a value now - it varies widely depending on condition. Anywhere from $150 on up to $400 depending. Yours is well worn. Probably looking at the lower end, especially if repairs are needed.
The blurb below (edited slightly for fit) is in reference to a cue which seems to be more-or-less identical to yours, and his comments seem highly related to your questions. It is some info that I had saved from past research into these cues, and the guy's comments are in reference to this cue:
Blud used a .348 x 11.445. thread. It's not quite 3/8" and it's not quite 11.5 tpi. The pin is unique to billiard equipment. The argument why Blud used this pin mirrors the points related to why other cue makers use a radial, 3/8x11, or modified 3/8x10 pin. Ultimately, superior surface contact between the pin and shaft on a wood to wood flat faced cue. Where the "original" pin stock came from, or where the tap came from, at this point, is irrelevant.
Your particular sneaky pete looks consistent with what were considered "Bludworth Bennys" made from the 1980's to the early/mid 1990's. After which point the Bludworth sneaky petes became collard and ringed at the joint and butt cap. The name "Bludworth Bennys" was coined because they were made and sold for $100 or a "Benjamin". The visual finish and quality of the Benny's varied between fair and poor with uneven points and/or gaped splicing and filled back in with glue. Keep in mind, these weren't converted house cues. Bludworth was turning these out in his shop, and for a c-note you were buying a sneaky that was going to feel and play like a wrap-less custom cue, but look just like a bar/house cue.
Yours has the brown phenolic butt cap with dot out, so yours would be an earlier example. Other iterations are, brown butt cap dot in, and black butt cap dot in.
These Bludworth Sneaky Petes are getting harder and harder to find. I have seen Bludworth cues with changed out pins, and the authenticity and value of these cues really come into question when seeing them.
The best advice I can give is to find an established cue maker who has his tap on hand and turn you a new shaft including refinishing the butt section, sure it wouldn't be from the same shaft stock that Blud was using (which was part of the lore to him and his cues), but today's custom cue makers know how to select great wood for playing shafts just as well as he ever did.
Hope this helps.