Rod varnish blistering/repair.

Hi there,
I have recently picked up a 'bargain' off ebay, a Tri Cast Legend 3500 feeder rod.
Both the 1 and half foot extension and the middle section show signs that the rod has been left wet by the previous owner and the varnish has a little 'blistering'.
Does anyone know if I can polish this out or even strip back the top coat of varnish all together for re-varnishing.
Is the top coat of varnish able to be cut back, with something like a car polish and a soft cloth?
I got it cheap, but it puzzles me why anyone would treat a £225 rod like this and not be bothered to dry it and put it in a rod bag? More money than sense!
Thanks for any suggestions. Paul.
 
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