I am rebuiding a Diawa Power mesh 7' med action rod and the tip is frayed a little but has never been broken. What can I do to restore the tip before putting the tip top guide on?

If you mean the very end of the tip is frayed, I would trim it back just past the frayed area and then re-install the tip top. I would assume you're only talking a quarter inch or less.

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Thanks Tom
That is what I was considering but wanted to check with the experienced guys first. The fray is less than 1/4".
Do I trim it back with exto knife?

No, best bet is to put a piece of masking tape around and just under the frayed area to use as a straight edge. Then, use the corner of a flat file, a three-sided file or the diamond cut off wheels that come in most Dremel kits. Any of these will give you a clean cut that won't pull fibers out of the rest of the blank.

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I would suggest wrapping the good side of the rod tip with a few turns of masking tape. Then use the edge of the tape as a guide for making a circuit cut with a Dremel tool (using a solid diamond coated wheel) or else a triangle file. Score the blank evenly and gently as you go around it. It is better that way than making a deep cut across through the blank.
It's a very simple procedure but remember to wear good eye protection.
Good luck;
Dave

Thanks again guys
I didnt even think about using my Dremel. I did as instructed...tip is on and everything looks great. Thanks for the help and thanks for the Forum for guys like me.
Jim