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I agree that the varnish can not be made clear again and there is no way to restore the brightness to the threads.
You can buy a plate reel seat and easily wrap that on the handle instead of using tape.
If you want to keep the rod in iys original state because you think its valuable then you do not want to change anything by attempting to pretty it up with moderbn materials. Any altering of the rod goes against having it valued as an old original Murat rod.
If it sentimental value then you got to decide if you'd still have the sentiment for it if you rewrapped it. It can easily be redone in total if you jsut like the blank and its action.
I would be inclined to just use it the way it is. A new corktape handle is a trivial thing for any rodbuilder and adding a reel seat is also very simple if a [plate seat will make you happy.
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