I havehad to refinish "glass" rods that took a beating from the surf or the rocks, and the results have been very very good. Start by removing all the guides, as you do, WRITE DOWN the exact location of each, starting from the tip. This works for any type of rod:
1st from tip = 3 3/8
and so on. You will have the exact placement memorialized. (that is if the rod is the way you liked it to begin with.) there are many resources for guide placement. Mud Hole and other rob building supply company websites have this information available )
Moving on, the next thing- depending on the degree of damage- either LIGHTLY sand with fine grit "wet/dry" auto body sand paper. if there are no big chipped areas, or fill in the bad areas with a coat or two of grey primer paint. but just the area that needs it. the object is to smooth everything out so the chip wont show later. I use a auto body primer used for plastic/fiberglass bumpers. its not expensive and if done in a few lighter coats, can make the final outcome much nicer. Sand the entire blank, you are only trying to make the new paint a surface to stick to well, I try not to use garnet style paper of the "cheap stuff" - it tends to cut into the finish too much. after sanding first wipe the entire blank with a clean soft rag, then "wash" the blank with Denatured Alcohol. this will remove any oils from your hand and any dust left behind. DO THIS OUTSIDE AWAY FROM FLAMES AND SPARKS. allow the rod to dry over night.
NEXT- (and this is a minor debatable step. so decide which way you want to go): either wrap the grips with plastic wrap and mask off with painter's "blue tape" OR use a 300 or finer sandpaper, gently rub the grips first until they look new again -works well for cork or EVA, then mask it off- some guys feel its better to paint before sanding to keep any boo boo off the grip- I don't want anything to possible get on that new finish, I clean everything first. either way, once the grips are cleaned go over them with some tack cloth.
FINALLY- the new finish... I use Krylon's FUSION. it paints well, and used properly, covers wonderful and is very durable. I refinished a rod of mine, had set it on a rail of a chain link fence at a fishing area, it slid off, expecting the worse, I did not see anything other than a slight scratch.
I do the first coat, very thin. you will get everything covered, so being careful to apply a thin coat is much more important than a few "light spots." after each coat, i "buff" lightly with 600 grit wet dry sandpaper. it will remove any spray "dots" and gives enough treatment for the next coat to adhere well. usually, 2 coats are enough. if its going to be used in tougher conditions- Like Jetty Jocking, mountain boulder area, I will do a 3rd coat. after the final coat, buff once more to smooth it out and finish with a coat of Krylon Clear Fusion for a nice gloss if you want a more subdued finish, I have found a "Satin" style. the key to success for me is TIME. Don't rush the painting. allow at least a full 24 hours ,48 if possible before each coat. after the clear coat, if used. I place the rod someplace where no one will disturb it and allow 2-3 days to cure and set. from there, You can wrap as usual.
Hope this will help!