It's certainly true that whoever finished that rod didn't place much value on it and slapped it together with cheap parts or what was left over.
But, me being me, I'd probably strip that rod and rework it just because it's there, I've redone a couple of really cheaply finished rods and by moving the guide placement and usually adding a couple made petty nice casting rods out of them.
Sure you could practice wrapping and applying finish on a dowel rod or on a top of the line blank, but the dowel won't cast well and you may not have the confidence to start with even a moderately priced blank,if think it might be ruined. With that blank, you first get to practice the strip and clean involved in repair or renovation, perhaps some really light and fine sand paper work and the the repainting and installation of new components, you can either just do guides or take the seat grip off too, leave the ferrules as is or remove and place with better ferrules or remove and change to spigot or sleeve, and if at any time a major disaster occurs, you can still salvage all the new hardware components for use on another blank.
And personally I'd use spar varnish or spar urethane for wrap finish rather than epoxy, but that is something you can play with on these kind of recycled blanks too.
It's a playground, have fun.
all your how to questions are asked and answered in this old thread
viewtopic.php?f=6&t=38734