I love Wonder Rods and fiberglass in general and I've rebuilt a number of them.
Stripping a rod down to the blank and building it back up again is more difficult and time consuming than building a rod from scratch.
Not that it's not worth it. It is. It's also a great way to get into rod building and repair.
Problems that you might (will) have that you wouldn't when building from scratch is built up adhesives that need to be removed, and you're going to loose some of that white paint. You can sand the paint all off down to the brown glass or touch it up with auto paint. To get the old finish off, rub it with a plastic picnic knife. The friction should heat it up enough to knock it down. Make sure you do this on a flat surface (
Don't ask me why I know this)
Also, don't expect your 8' Wonder rod to be a 4wt. More like a 6.