mcmutt,
I love to hear about old rods with a lineage. I bought all of mine second hand from people who knew nothing about them other than they were found in the attic, basement or garage when moving into their new home.
I agree with Leo in carefully inspecting the ferrule for cracks and possibly replacing them since you'll be wrapping guides anyway and applying a coat of varnish on the raw boo before puting on the guides.
You'd mention the Pflueger 1554 ("Sal-Trout" made of aluminum and very light). I had one but it did not balance well with my 9' bamboo rods. I went with Medalist reels which counter weighted the tip-heavy 9'ers nicely. Additionally, I found the silk lines to be pricey. You might want to test it with the more reasonably priced modern "SYLK" lines.
I hope you'll find as much joy in refinishing your grandfather's rod as in recreating classic salmon flies.

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God Blesses!
A wing & a Prayer! ----*<(((><~ ~ ~ ~
Quinn



[This message has been edited by Wednesday Caster (edited 07 April 2006).]