John - to answer your questions:
The entire rod is varnished, and the yellowish cast is aged varnish. In other portions where a wrap is partially missing, it is much whiter.
I don't have a WM panfish rod, but do have a 7' WM 'Daisy' nylaglas spinning rod with the Tennessee handle and completely square blank. The spinning rod is heavy butt, limber tip, and faster in comparison, much like you describe. The Phantom fly rod is somewhat limber throughout, and reminds me more of a slow bamboo rod more than the nylaglas. I also have a solid round fiberglass actionglas rod, and the action is similar to the Phantom.
I've uploaded a picture of the transition from square to round. The transition is a couple of feet or so from the butt end. The latter half of the butt and the entire tip are round.
The ferrules don't attract a magnet, so I assume they are aluminum, at least they look like it to me.
The guide feet are not continuously wrapped, but each end is wrapped seperately. The ferrules are also wrapped, but not on the ferrule themselves.
I've attached a picture of the grip - its made with what I have always thought was a cheaper grade of cork, cut with the grain - its so dirty though, its hard to tell, and I might be mistaken on that. The shape reminds me a bit of the older Heddon grip, but much skinnier near the reel seat,
The reel seat is also aluminum, anodized green barrel with what appears to be gold for the reel seat hoods and locking nut - sorry, I am colorblind and green isn't my strong suit.
Joe