I have done exactly that with one of my Purglas rods, it works a charm, however, at the cost of decent guides and a decent rod builder, you might be better off selling them and just buying a new grinder rod.
Breakdown:
Stripping the rod - plenty hours scraping away with a Stanley blade - cannot cost that, but pay a rod builder to do that and it quickly adds up.
Guides - FUJI LCAG guides - around R700 a set
Rod building costs - around R40 per guide, multiply that by 9 - 10 guides
Reel seat - FUJI - R100
Heat shrink - R100
Butt - R80
Before you know it you are at R1400...