Have an old Browning Vectra. Not my highest dollar rod and she’s probably close to 25 years old. I guess it’s probably still  one of my favorite rods for fishing t rigged worms though. I know nothing about rod building or construction,  but is this chipping/flaking something that can be fixed?  Is there any reason to fix it?  Also has an eye that moves around on the blank but I could rig that with superglue or some epoxy I guess. 

Don't spend a lot getting it fixed....

It’s not hurting anything structurally. I’d rewrap the guide rather than glue it. The cosmetics of the finish epoxy could be addressed for a reasonable price. 

For the guide carefully cut it off with a single edge razor blade, cut along the guide and you should be able to remove guide and wrapping. Small areas of cracked or flaking finish can be repaired with light sanding with fine paper, clean off then rub some of the finish you use for the guide over that spot, try to blend in as much as possible

Any rod repair guy would fix both for $20 I bet.  I just had a guide replaced on an old Team Daiwa flipping stick. Asked me for $15, but I gave him $20 anyway.

This is totally a "field fix," but I've used 3M Filament tape to replace a guide.  It's not a permanent fix, not pretty, but I have a cranking rod I fixed this way around three years ago.  It works fine.