This is the same as heel-toe weighting but in a different axis of rotation. The result is a gap between the ferrule and the hosel. A couple of thoughts. First, I make every effort possible to ensure that the gap does not exist prior to installation of the head. Ferrules are very important to the finished look of the club as well as helping ensure a long life for the shaft.
Ferrules are relatively cheap when compared to their overall importance.
If I have one that doesn't seat well, it's outta here, and I put another one on. Secondly, there are black epoxies available. They are marketed for use with graphite shafts, but are equally usable with steel. You can use them as your regular epoxy or, if you encounter a gap after hardening, you can insert some of the epoxy into the gap with a syringe. I believe the only way to determine the correct loft is to hit balls and check your ball flight.