Estes USS Enterprise #1275, Part 37, Sensor Stem Detail, Funky Glue Putty

This works best with yellow wood glue, not white glue - 

Place a drop of glue in the heel of your left hand.

Spread the glue around using your right hand index finger. Let is set up for 20 seconds or so -

As it starts to dry, the glue puddle will gum up.

Continue working the glue into a small ball. Make it as round as possible. Make a few in different diameters.

Let dry overnight.

Drill a tapered hole using a #11 style blade hobby knife. 

This hole should fit onto the tapered dowel.

Here's the sensor stem detail ball in place and shot with a white undercoat.

It's probably too large, but much better than a lopsided glue drop.