That looks almost exactly like an HI Governor. I've actually had three of those and they all look exactly like that...minus the whole "western special" part. I also recall the HI rods having a black bakelite reel seat. I do have other production rods with that same reel seat.
For my 2c's that looks like one of the production rods (HI, South Bend, Monty, etc), but I can't seem to find "Western Special" on any of FishnBanjos lists. I have a handful of production rods and they all have similar reel seats and winding checks. Are the ferrules pinned? I can't remember, but I think that is an important clue. Another clue are the nickel coated brass components. I can't 100% tell, but that winding check looks coated. I've also heard that HI's varnished over the cork on some of their rods (including the governors), and it looks like that cork is varnished. One final point is that it may have been refurbished. It looks like there is some sticker residue under the western special writing. is that over the varnish, under it, or just some dirt? If its under the varnish that could be leftover from peeled off decal. Again just my 2c's.