I have restored/rebuilt/refinished a number of older bamboo rods, some of which are more than 50 years old and some which used color preserver. To date I have not yet seen a wrap failure that I could attribute to CP.
I have used CP, or not, based on what I wanted the wraps to look like, and never found bonding to be an issue. I have used the water based CP's and Aerogloss lacquer. They both work but look different. Usually I like the Aerogloss based on looks.
I thin all CP quite a bit for the first few coats and apply it w/ a dubbing needle. I apply it sparingly and work it INTO the thread. Penetration is the key if you don't want blotchy results. Two or three coats, thinned and another one or two full strength, does take a bit of time, but it takes a LOT less time than stripping it down and wrapping it again because of a bad CP job.
AgMD