I have an older rod, dating back to the late 80's that was my dads. I am wanting to rebuild it for him, and this sounds just like the right idea to bring it back to life. should I wet sand the blank before applying?

If I was to sand, what grit should I use? maybe a 300, or are we talking about a grit like a 4000?

when you say wipe it on, you saying like soak a rag, and just rub it until it shines, so there is no dull showing?

You can do a search on permaglosss, and you will get a ton of things to read. Basically, I use a round cosmetic sponge to apply permagloss. I use Kroger brand, but I am sure there are others that will work. I think Tom likes cheese cloth, and some like the foam from a foam paint brush. I pour a little into a small mixing cup about the size of a shot glass. Wearing a pair of nitrile gloves I let the sponge suck up all the Permagloss. Then starting at the tip, I wrap the sponge around the blank, or punch the tip through the sponge, and pull the sponge down the blank, with the sponge acting as a squeegee. This will give you very thin coat that just wets the blank. I then prop the blank against the wall and let it cure. Since it is a very thin coat it will not run, and it will cure in about 30 to 60 min, at which time you can re-coat. Permagloss gives you a very light, and durable finish that look great.
Permagloss is a moisture catalyzed polyurethane, the higher the humidity the quicker it cures. Because of this you have to take some care as to how you store Permagloss so it does not cure in the container. I make sure the cap is tight, and I place the container inside an airtight jar with some dessicated and place it in the refrigerator. II will last a long time stored this way.
For preparing the rod, if the finish is severely damaged I will scape it off, and then wet sand it with 800 to 1500 wet dry paper. This wet sanding does not damage the blank, it's almost like polishing the blank. If the finish is just scratched, then I will wet sand as mentioned, or rough up a little with a fine Scotch brand pad or extra fine steel wool. When happy, coat with Permagloss.
Hope this helps,
Norm

There is an easier way to do all this. Go ahead and make your wrap and then double back and return to the starting point. Now you have two layers of thread over the guide foot. Select a thinner or "lite" epoxy and apply that heavily enough that it soaks in all the way. You do not need it to form a thick top coat. This is just a penetrating coat so no need to go so heavy that you might have sags or runs. About 12 to 16 hours later, apply a regular or high build epoxy per normal. I guarantee you that this will create one of the strongest and most durable guide wraps you can make.