I have a little 6' 2wt flyrod that was my first rod ever built and have rewrapped many times and used it for all kinds of experiments. It has some sentimental value but really needs to be sanded down completely (repositioned the guides too many times) and refinished. What is the best method for application of finish and what finish is most desirable for this situation. I planned on turning it on my rod lathe with some fine grit sandpaper to take down the existing finish.

I have always preferred scraping to sanding as it doesn't invade the blank fibers if properly done. Remember also, that the outermost fibers of the blanks are the ones that carry most of the load. So you must be careful to maintain them.

I have used about every type finish imginable. Aside from using a good automotive paint clear coat urethane, which can be a pain unless you have the right equipment or a friend in the business, the basic urethanes you find at the hardware store are a good place to start..

Look for marine type, exterior, gloss urethane. I often used that sold in a spray can. It will work reasonably well and lasts decently. The U40 product "PermaGloss" is among the best for blank refinishing and the tip given by Andy below is a good one for applying it to the blank. Just remember you can't do a lot of "brushing'. Swipe it on and let it go!

I have never had good luck using a 2-part epoxy on the blank surface. After having to scrape off other rod builder's attempts at using it for such a task I can tell you that 100% solids epoxies are not at all what you want to use for this purpose. Stick to a urethane.

If you'll do a search in this board's archives you will find more info on blank refinishing and how to color your clear coat so as to kill two birds with one stone.

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You never want to sand a rod with sand paper, you well damage the rod fibers. If you need to deglaze the blank use a Scotch bright scuff pad in gray. Then when it comes to removeing excess wrap finish, warm the the finish with a cigarett lighter and pick it off with your finger, becareful not to burn the rod.
Ralph Oquin is the best man on this page to ask that question to. As for finishes it is a true pain. I use a friend who paints custom automobiles to do mine. If you want to try and finish the job yourself try using TRONDAK U-40 PERMA GLOSS ROD FINISH

Sounds like it is the automotive route for me. My father owns a Ford dealership with body shop and paint booth!!! I'll just have the body man shoot it with clearcoat when he is doing a vehicle! Yipee, less worries for me.

Rather than using sandpaper on the rod blank you might want to try using a Scotch-Brite pad to remove the old finish. It will completely remove the finish without getting into the blank itself + leave a really smooth surface on which to apply the new finish.
I've used Perma-Gloss U-40 with good results. You can just put your fingertip over the bottle & wet your finger with the finish and apply directly to the blank with your finger. Keep a wet edge!