SteveW,
Go to your local hardware store and pick up a 1" wooden dowel. When you get it home, cut off a length anywhere from 10-12 inches long.
Take the male ferrule from the mid-section of the rod and match it up to a drill bit that is just a tad smaller than the ferrule.
Drill a hole into the middle of one end of the dowel, being careful to drill as straight as possible.
Slide the mid-section of the rod into the dowel making sure it is a snug fit. Tape a reel onto the the dowel and try casting it.
This should tell you two things:
1) Will it make a good casting rod that is worth refurbishing.
2) What size line works well with the rod.
If you feel the rod will work well with just the two sections, you can make a handle section with just a reelseat, grip, and a female ferrule. This way you can restore the whole rod and be able to have a two or three piece rod, whatever the water you are fishing dictates at the time.
The rod completely put together may make a good bass fishing rod.
I had a rod restored a few years back and then had Mike Longuil make a handle for me, so that I can use the rod either way and did not lose the integrity of the rod in case I decide to sell it someday.
Good luck in whatever you decide to do.
Bob
P.S. Here is Mike Longuil's website: http://mysite.verizon.net/vze1wz7o/bamboomike1.html