Daiwa and Garcia used to have some hollow glass blanks painted silver - could be one of those from the early 70's. It would be a good project rod to learn some rod building skills on. Like Saltheart said, lightly sand it down with 220 or so and spray it. Protect the paint with a couple of coats of spar varnish or a good polyurethane. Set yourself up with some Fuji AlOx guides on the cheap, a spool of thread (or more if you want to try inlays, etc), some Flex Coat and you're good to go. Plenty of sites out there to steer you in the right direction. A good one to start with:
Thread Work - The Rod Builder's Library
Threaded Mode