I have rebuilt a few old fiberglass fly rods for friends and relatives, that needed new thread wraps for the guides. While doing the new wraps, I noticed a few places where the finish was worn, exposing the fly rod blank below (which was an ugly yellow color)!
I got out my testor's enamel and mixed some colors, until I got a shade that pretty much match the coating. I applied the patching paint with a Q-Tip, doing repeated light matting applications. I applied the next coat, while the first coat was still slightly tacky.
I am not sure if a new complete blank coating is called for, or should be attempted. Maybe if there is no real damage, you might try a automotive paint renewal, that removes the dried out surface paint, and adds sheen to the underlying paint. Might try this before, attempting something that could have major effect on the fly rod. Another coat, could alter the action of the rod. Also there is no guarantee that the new coat of paint, will adhere or could even crack from casting.
First Law of Rebuilding Fly Rods: "Do No Harm!" Or do not do anything, that cannot be undone, if it does not work!
[This message has been edited by Steven H. McGarthwaite (edited 28 February 2006).]