That's a loaded question.
If the rod is still in good shape and all you need to do is re-wrap, then by all means,break out the thread and re-wrap. If the rod is something worth a good bit of money, I suggest you send it to someone who specializes in that. Removing old wraps from an expensive boo and giving it new wraps, especially if you never did this before, will lower the value of the rod.
If the rod is a mid priced rod and you want to use it, then I would suggest you buy new guides to replace the old. I use a heat gun and soften up the epoxy on the wraps and peel off the thread. Use a plastic knife to scratch off the leftover epoxy.
I use standard "A" type thread but have used silk threads on occasion. Silk is not the easiest thread to use and you should practice on an old arrow shaft first before moving on to the rod.
I suggest you take a pic of the rod and post it for better instructions on how to go forth.
Randy