Re: WTF Happened to My Wraps?
I don't do any rod building, but have had that milky appearance on fly heads while tying flies.
Once, I found out that certain types of wax don't work well with some head cements or epoxy. I was using waxed thread & solved the problem by going to unwaxed.
The other time I had it happen I had gotten "something" oily on my fingers, which transferred to the thread. I noticed a stain under the finish. When I tie now, I make a point of washing my hands thoroughly before tying & making sure my tying area is clean & of course dry.
IMO, unless you intend to sell the rod, and the guide is secure, I would leave it alone & use it as is & wait to see if it gets worse. It appears to be a cosmetic issue only at this point.