The thumb indent was characteristic of South Bend rods, but any homemade rodmaker could have imitated that styling. If the reel seat and grip are on solid, I see no need to remove or replace them. Same with the ferrules: if they are on solid, don't mess with them. Although your pics are blurry, the varnish doesn't seem to be flaking. I would suggest merely re-wrapping all the guides and probably replacing them with modern guides which will accomodate modern fly lines better. If the varnish is not flaking or bubling, you may be able to use steel wool dampened with a solvent to lightly "polish" it up a bit. Test the solvent first to make sure you aren't going to strip the varnish. Light sandpaper could smooth out the cork grip. For large pits, make a paste of cork shavings and wood glue-- just enough glue to make paste-- then putty the pits and lightly sand smooth. Make sure the guides go back on the spline. Bamboo fibers stretch over time and the spline out of line will make the rod track along a plane different than your casting stroke, which would be bad. That would be the least amount of work to restore it to fishable conditions.
Please bear in mind that I have no idea what I am talking about.