Clyde,
the "alligatord finish" is usually found to be the result of one of two things, usuall the latter. Many of the production rods of long ago came with instructions for maintenance and one of those instructions (and often included with the rod) was to touch up or the addition of a coat of varnish prior to putting the rod away for storage for a long period of time. Most failed to read the instructions clearly and one of the instructions was to shake the bottle vigorously to thororghly mix the varnish prior to applying...When it was applied, the varnish would not cure well and ouala, the finish would begin to soften and many times the rod would even stick to the inside of the bag.

But, all is not lost!!!! That original Heddon finish is quite hard. what you can do is to use a soft cotton cloth (I like old tee shirt sections) and denatured alcohol and wipe the old stuff off of the rod. When you get down to the original finish, you will know, it will be glossier and harder but if you continue to rub with the alcohol, you will remove it too. What I do is to stop when I get to the original finish and set the section aside until the alcohol has completely evaporated, and the original varnsih hardens completely again. It won't be tacky or sticky to the touch when it gets hard again. Then I use Automotive anti swirl compound to polish the varnish and finish it off with Finesse-It III automotive grade car polish. the very last step is to apply a coat of Talk O Town Orange wax for a very high lustre and a very pleasing Citrus smell....

Works like a charm, but plan on some elbow grease...