I've never tried to restore a rod leaving the original threads and wraps. My guess is that if it's a varnish finish that the colors in the threads can not be recovered due to years of sun damage. With sun damage, the color is simply gone. However, if you have a small area that has no varnish on it, you could put a light coat of flex coat on it and see what it looks like after it dries. That would at least tell you whether the original wraps are worth restoring.
I don't know what shape the threads and wraps are in and that would be necessary to know to determine whether a light solvent could be used to remove the varnish. Again, if there's a "safe" area you could try a small spot. If the varnish could be safely removed, I see no reason why flex-coat couldn't be applied.
The unwrapped part of the blank can be VERY lightly sanded and then cleaned with rubbing alcohol. I like to flex coat the entire blank on old sun-damaged rods to restore a bit of shine to them.
They do make two-piece reel seats but both pieces are "complete tubes" (which is not what I think you want which is something that can be attached to the blank without removing the guides).
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