I think you've got your work cut out for you. Is it bamboo or fiberglass? From the pictures, you'll need new guides and tip, cork grip and a reel seat. I not sure what you mean by the "wraps between the guides" Since it's a three piece, you'll need wraps on the "female portion" that slips over the ferrules. Not sure how well you can see it in this picture.

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As far as using spar varnish, I've never used it. There are several types of epoxies that you can order from catalogs or sites that sell rod building supplies. If it is a bamboo rod, then spar varnish would probably be more appropriate for the rebuild.