To me it doesn't look like there is any varnish on the rod or wraps. Maybe one coat on the wraps. Typically you won't see any indentations on the tread wraps. Some builders will go ultra thin on varnish and after several years, the wraps will start to be visible. You can definately add to it if you are concerned. Any spar varnish should work fine. If it is a high dollar rod, you might want to contact a builder to do the work but if not, give it a go. It can always be removed and the guides re-wrapped.
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