Many years ago I acquired a Granger Champion 4 wt., 3 piece, 2 tip rod on the cheap at an estate sale. The good news the ferrules are, surprisingly, tight and sound, there are no sets in any section, and the bamboo glue joints appear to be sound. The not so good news is multiple wraps are failed or failing, the cork, which was less than flor grade when new, is in need of replacement, guides are badly worn and exhibit some corrosion, and the varnish is badly discolored as expected for a rod well over 75 years old. I temporarily wrapped on guides in place of those missing, and the rod casts a modern 4wt WF line like a dream.

The question is what to do. The options are:
1. Retire the rod and make it a wall hanger over the basement fireplace;
2. Restore the rod as close to As New, As Originally Built as possible, or;
3. Strip and rebuild preserving only the original reel seat and Champion inscription, refinish, and replace all other components with what Granger might have used had today's components and materials been available.

So, let me know what option, 1, 2, or 3, you would select.

If you like fishing with it rebuild it , It is like that pair of shoes that fit just right.
just do it right scrape the old finish and keep the logo add new parts where needed and your old friend will be with you till the end !

The best day to be alive is always tomorrow !!
Think out side the box when all else fails !!!
Wi.

Option #2

Fix just what needs fixing and no more. Fish it! That's what guy that built it meant for it.

My decision would depend upon the length of the rod. I was in a similar situation with a no-name 8'6" rod that wasn't fun to cast, and a 9'0" Shakespeare that was in a condition similar to yours. For both rods I stripped everything and only used the blank sections and original agate stripping guides to build shorter rods that I've enjoyed fishing. Blasphemy according to some.

Changing the length of bamboo rods can be a crap shoot regarding line weight, and you're never entirely sure they'll cast well when reconstructed. But at the end of the day it's your call on rebuilding for fishing, or for display.