Go to your tackle shop and ask for the PTFE silicon spray used by pole fishing anglers to rebuild worn pole joints. I think either Preston Innovations or Maver make it. Its about £6 but much cheaper than a new rod. Tape off the whippings and spray on a couple of thin coats leaving time to dry in between coats. This should rebuild the join to almost as good as new. Hopefully this will help, the other alternative is to try rubbing the spigot with candle wax.
If the rods old and tired perhaps it deserves abit of love? I am contemplating getting my Greys PZ 300t rebuilt after 5 or more years its showing a few battle scars. Also i aquired an old Zipplex Quattra with the compound tip which i picked up for cheap, which could recieve a new lease of life. If you know a good rod builder in this area who does custom builds than i may be interested. Might even get them whipped up in my teams colours!
I wouldnt part with my Penn Nor'easter its like a scaffold pole, battered and bruised it sits there not even moving in the hugest swells. Saying it was a cheapy its been a good rod, it handles everything thrown at it. One lad i know had his Nor'easter and a Ron Thompson Axe rebuilt and whipped up in a matching pair, the ultimate sign of respect. He had them done in red underwhipping with a blue whipping and gold tippets, with BNHG's and Talon reel seats. The looked da biz, and the build quality was hard to tell from that of a £300 plus Century. Did you get Terry Carol to rebuild the rod, or was it a local rod builder? I heard ID Fishing provide a similar service, although Julian Sharmbrook seems to be a name banded around aswell.
Not too long back,I asked about the shrink wrap stuff to put on the male spigot on my old Milbro,as it was sloppy,and worn.
I was told to cut a bit of the female section,not much,maybe 1/4 ",and I did,and it is as good as new now......
I also very recently replaced the original chrome rings,with a set of lined ones,re-whipped,and varnished it,and it looks like new.
I gave the male joint a light rub with a candle,to prevent sticking now,and the joint save stuff I used on another rod,(can't thinkof the name off hand,but I can find out monday),is a lot cheaper than the Maver/Preston stuff,and just as good....