There are probably a dozen better better ways to heat up that shaft than a soldering iron, but for a couple of one-off's, it's not a bad idea. These are usually inserted with high frequency vibration heating (or directly molded into the part), but induction heaters, cartridge heaters, even a propane torch would probably work as well or better.
Also keep in mind that this works only with thermoplastics. If the item in question is a foosball, it may work fine. But they are a soft plastic (low melting point) and even with an insert of this style, it may not be very strong. You also don't want the insert any hotter than it needs to be. Overheating plastics will make them brittle and weaken the area around the insert.