This was gift from a long time family friend. Would it be worth getting new line and taking down to a local pond for some sun fish or should I hang it on the wall? The reel is in good shape and so is the rod. Some fuzz from the rod sock has become embedded in the varnish. Is there a way to remove it without having to revarnish the rod?

Fish it man. I cut my teeth on a rod like that.

I've never cast a grass rod so if it were me I'd have to see what it felt like. Neat rod and reel.

John Gierach has a book "Fishing Bamboo" that you need to have with that... Fish it but I would consider changing the line.
https://www.amazon.com/gp/product/B011MAYHBO/ref=oh_aui_search_detailpage?ie=UTF8&psc=1

What about trying to remove the fuzz using tooth paste? Just an idea?

Plus a million to all of the above...fish it and get the John Gierach book. Heck, get ALL of the John Gierach books.

Agreed. He is the best fly fishing author out there.

I'd fish it as the day is long. Personally, I'd take some 600 grit wet sand paper to the fuzz. Start at 600 and do the whole rod working up to about 1200 grit. Will polish up like new....

Sorry to disagree, but I think it is wall art. I think it says 9'2 inches. Anything over 7 1/2 or 8' is a beast unless you like fishing with a beast.

On the other hand, you need a stout rod like that to pull big bass out of weeds.

Before you take sandpaper to it, check out Classic Flyrod Forum. It is exclusively bamboo rods with a repair and appraisal forum. I would suggest some type of rubbing compound that you can control. Check out an auto store for polishing compounds.

Realistically, before someone gives something away, they check it out to see what it is worth.

You can also go on e-bay and enter 9' bamboo fly rods and get an idea of the value.

That's awesome, I'd figure out how to clean in up, fish it a couple times and then put it on the wall.

Clean it with ISO alcohol and a soft cloth. Be very gentle with the wraps. I would bring my rod making tools down for that baby and do a little restoration work but very little. Probably just touch up the sealer on the wraps. I bet I could match the thread as I have a great selection of old silk rod winding threads.

Alcohol is good. But there is nothing much finer than toothpaste, It might not be gritty enough but it will not hurt anything. Maybe tooth powders? I have 5 ought = 00000 steel wool and 1,000 grit paper, both used wet. Always stroke lengthwise. You could come to love this set-up. I figured out that the original owner of my bamboo rod had used 7 & 8 wt lines on it (Orvis says it is a 6) so I found a supplier in the UK with a good price on Cotland Sylk line designed for bamboo and ordered a #7. It is supposed to be finer for the old smaller guides. I have not fished it enough yet to make up my mind. I did a lot of trout fishing with a regular WF-F #6 and was very happy.

https://www.harrissportsmail.com/usa/cortland-444-classic-sylk-floating-bamboo-fly-line-14460 This is the UK supplier

Amazon mostly has DT but some people say that the bamboo fly rods were designed for DT lines. I am sticking with WF here is an Amazon for $10 or $15 more https://www.amazon.com/Cortland-Line-Sylk-Fishing-Mustard/dp/B000E8OY5A/ref=sr_1_8?ie=UTF8&qid=1499276224&sr=8-8&keywords=Cortland%2BSylk%2Bfly%2Bline&th=1&psc=1

Man when dad and I fished twin rods like that one we were in Leslie Arkansas. I guarantee we bought our fishing line at the feed store. That cheap line managed to feed us many meals. I think I would unspool that line and clean it, add a new loop and leader and start laying out loops.

Do not use any abrasives on the wraps, they're likely silk thread and will fray badly. I would clean with ISO and recoat them with a thin coat of thin clear epoxy if they looked exposed.