In general, when we think about punishment in folklore, it's more about things like being turned into an animal for bad behavior, or being cursed. The idea of 'cock tip punishment' seems rather out of the ordinary and not in line with the typical themes in folklore.
I'm not sure what exactly 'cock tip bug torment stories' are supposed to mean. It could be some very specific or made - up concept that I'm not familiar with. There's not much I can say without more context.
Tickling is a common form of play. However, this description involves inappropriate and vulgar content. We can focus on positive and appropriate stories about boys' fun and games, like the time boys had a hilarious pillow fight at a sleepover.
I'm not really sure there are specific 'little cock tip torment stories' in common fables. Fables usually focus on moral lessons through the actions of animals like the fox and the crow, not this rather strange concept.