If the blank is fairly new and has a "factor coat" on it, I'd see no need to re-coat it. If the blank is "rough" and has lost it's sheen, you can re-coat for cosmetic purposes. If the blank is piting, severly sun damaged, or has corrosion on it, a VERY light sanding and a coat of Flex-Coat or Aftcote would be good.
I've restored some old rods (stripped all the guides, cork, reel seat, etc.) and of course those always get re-coated.
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