I have seen a wooden top section fitted to an aluminium lower section in which the alignment was not quite perfect. The mast still worked quite satisfactorily anyway - I do not think perfectionism is all that necessary.
However, near perfect alignment can be achieved quite easily if you prefer.
I joined an aluminium top section (with spacers to fit) to an aluminium lower section, and achieved alignment while making the join, by reversing the top section, sliding it into the lower section, and using the lower section as a mould.
The top end of the top section (deep inside the lower section) was held concentric by a couple of rope grommets. Actually, one would do. In my case, the epoxy/wood annular spacer was cast in this position.
The above diagram is not to scale or in proportion, but shows how the fitting part is aligned.
When the fitting is complete, the top part is taken out for the last time and reversed, then fitted back into the lower part. A conical fairing (made of wood and epoxy) is added to the top section, to smooth the transition between the two outer diameters.
There are some matters to be careful of if you are doing this by casting with epoxy, as I did. I will skip those details because there should be no issues if you are doing it with wood.
Fitting a wooden top section should require no casting, and be a simple matter of trial and error, whittling down the fitted part until it fits into the outer tube. The other end is supported inside the bottom tube by rope grommets, to a sliding fit, so the top section can be slid out to work on, then slid back in for another try etc until it fits. Alignment is maintained by the rope grommets which keep that top section always concentric with the outer lower section.
And also, because one part is inside the other, considerable workshop space is saved!)
The diagrams show a simple tube for the top section, but I would expect an wooden top section to be tapered, so that the top of the top section fits easily into the aluminium lower section (held concentric by the rope grommets) while the bottom of the top section -the part being worked on - is, initially, too big to fit and simply needs to be trimmed down, parallel over the length which will provide "bury" when it is reversed, until it fits.
A massive amount of gluing of the two sections is not required as the outer cone, which is added afterwards, prevents the top section from telescoping downwards due to the tension on halyard, lifts etc - just a few dabs of polyurethane glue should be enough to hold the two sections together, and withstand the rotational forces (which must not be forgotten) which halyards and lifts will also cause the top section to impart to the lower section.
I should think a wooden top section fitted this way would be quicker and easier than the aluminium top section which I fitted by casting an annular spacer. In both cases the alignment will be near perfect.