I'm with Wednesday Caster on this. If it's not actually missing any of the original guides, I probably wouldn't re-wrap the whole thing. Especially if the whole decal is intact. As far as the wrappings on the ferrule go, I would definitely replace them if you're planning on replacing the ferrules. More that likely, they will get chewed up/singed when you go to pull the ferrules of. And yes, the varnish does tend to darken/yellow with age, but it's really hard to tell since the bamboo itself it yellowish. It might be a bit tricky to try to "blend" the new varnish into the old stuff. I'd suggest just using your fingers- dip them in the can of spar and work it onto the rod. Hope this helps.

Joe Martin
Salem, OR