...you cannot use the top until it's empty.
Is that because it spills? What would happen if that could be prevented?
Actually, it shouldn't leak. The white part of the top (including the tip) is one piece (probably blow molded) with only a little hole on crown that screws into the red part, which seals it.
The reason it can't be used with liquid is the same why a hard boiled egg can be spun well but not a raw egg. It is difficult to transfer the spin to the liquid and even if you do (by spinning it for a while with a drill, for example) the liquid sloshing inside will rapidly kill the spin energy.
Although I was sure this would happen, I tried it by (patiently) filling up the Avon spinning top with water. Could not get any spin, either with the starter or a string. Unfortunately, I insisted and eventually it got a hairline crack at the rim from hitting the floor. Now it does leak
But after emptying it, I can boomerang it again.